Namengo Group, Lugazi
His biggest business challenge is having customers that delay payments after services have been rendered. However, he is grateful for the loans that increase his business capital, hence enabling him to carry on even in times of hardship.
Cosmas makes chairs and desks and would like to introduce the making of very nice sofas in addition to the ones he currently makes. He needs a loan to be able to buy more timber and nails plus other necessities to make his job much easier.
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