He buys plots of land and houses and rents to people at a fee. He is well known and gets along with them and wins more customers. He also sells construction sand for housing and has a brick laying business. He employs two men. He needs a loan to buy another piece of land where he can get more sand for sale and for laying more bricks. This will help him get more money for his children’s education and for their well being.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid