Gerevasio has a retail shop in Nyarukika Trading Centre that he has been running for ten years and from which he makes 100,000/= in weekly profits. He is successful because of his good customer-care skills and his spirit. In the future, he wants to turn his shop into a wholesale operation at which time he will have to shift to new premises in the main town.
Gerevasio needs a loan to help restock his shop by buying more goods in order to avoid shortages. He is such a hardworking and friendly 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