Edward is a farmer and has been farming for forty-five years now. He transports his own produce to the markets and is only able to make profits of 30,000/= (approx. $15) a week and this is mostly due to the frequent seasonal changes and the high transport costs since he uses public means to transport his goods. He is happy that in most times, his goods have been of good quality hence earning him much. He spends most of his money on school fees and medical care since he would like to educate his young children to university level.
Edward needs a loan to be able to purchase produce for resale in order to increase his earnings since the past season was not favorable to him. He is such a hardworking man.
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