The retail businesses are quite competitive, as they have established sales posts in a commercial district. This loan is for the purchase of merchandise and tools, and to improve their sales stalls.
The group members have presented the references necessary to access the credit offered by the lending institution. Some of the members have also participated in prior lending groups, but decided to form this new group where everyone wants to work.
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