Namizzi Central Farmer's Group, Jinja
Peter is a businessman dealing in the sale of molasses that is used to distill alcohol. He says that his business is good except for the scarcity of limited raw materials hence making them expensive.
Peter has been in business for four years and he is able to make 50,000/= as profits a week and this is also mainly attributed to his good customer care and the high quality of his raw materials.
Peter’s business goal is to be able to buy more sugarcane for his business as well as educating his children for a brighter future. He needs a loan to be able to increase his business capital to buy more molasses.
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