The leader of this small group with the group name ‘Joel’ is Paul and he is the one sitting in the group photograph. He is currently in the business of grocery products and sells items like cold drinks, evaporated milk, sugar, biscuits etc. and is requesting a loan to buy a stock in bulk. Paul is 43 years old and is married. He has four children, ranging from age 18 to 4, and his children go to school. He takes delivery of stock in Kumasi central market in bulk and retail to his customers in his shop. He requests for the loan to buy increased stock to upgrade his inventory.
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