La Union Group
They will use the loan to make their businesses grow, to have more capital, and to have a solid business in the future. The previous loans with this communal bank have been very good. All of the members get along well, are very active, and have a great desire to be the best group and to work. Some of the members have loans with other financial entities. They make refreshments to share with the other members at their meetings. They have been doing this since their first meeting.
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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