This loan will be used to diversify their products and invest in their businesses. They will purchase materials, supplies, and tools to help them generate more income for sustaining their families. The members are familiar with solidarity group loans since they have worked with other institutions similar to Fundación Agrocapital. They are starting their third loan cycle together and have demonstrated responsibility and the desire to succeed in their businesses and in their families.
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