For six years, Filda has run a business selling high-quality clothes and cosmetics in Buikwe. From this work, she is able to make about 80,000 UGX a week in profits. Before she began to receive loans, Filda sold only cosmetics, but now she also sells clothes because she has the capital to do so. This in addition to her friendly disposition has won her many customers and hence more profits. She has a dream of becoming a wholesaler as well as building a residential house for her children.
At the moment, Filda needs a loan to be able to add more capital to her business, since she used some of the money from the business to pay her children’s school fees.
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