Faith says that when she had just started there was very limited competition in her business, hence she made more money from many sales, but now due to a lot of competition her profits keep on deteriorating and this is why she takes loans.
She would like a loan to help increase her stock of goods in her shop so that it could become a one-stop shop for her customers. Perhaps in future she can turn it into wholesale. She would also like to build rental houses for future developments.
Faith is a married lady who takes care of 12 children aged 28 – 13 years, as she takes care of her siblings. She would like to ensure that she educates all of them. Her previous loans have helped her keep a steady supply of goods in her shop and to pay school fees for her children on time.
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