They want to expand their businesses by purchasing merchandise, supplies, and materials that help them generate greater income in order to give their families a better quality of life.
In spite of this being their first cycle with the Institution, they do have experience with communal bank thanks to loans from institutions similar to the Agrocapital Foundation. They are very happy with the economic support given by the Agrocapital Foundation.
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