Faithful Business Group
Jacob’s business is the sale of food such as rice, beans, etc. He buys his goods from wholesalers and sells retail on a table in downtown Monrovia. He has been running this business for 16 years and hopes to become an importer and exporter of general goods to Liberia in the near future.
Jacob started selling with 4000.00 Liberian Dollars as working capital but now operates with 12000.00 Liberian Dollars. He has faced difficulty with siting his business, because he does not have a stable site. He sells quality goods and interacts with his customers in order to encourage them to continue buying from him.
Jacob needs this loan to purchase more rice, oil, beans, etc., for resale. He dreams and hopes that he and his family will remain in good health.
In the photo that accompanies this profile, Jacob is the one holding the sign.
The Local Enterprise Assistance Program (LEAP) is Liberia's largest and oldest continuously operating microfinance institution, with 13 branches across the country. Founded in 1994, the non-profit organization has survived periods of civil war and severe socio-economic hardship. LEAP, a Kiva partner, seeks to help rebuild post-conflict Liberia through its group and individual loans to micro- and small-scale entrepreneurs, and puts emphasis on lending to women.
Note on LEAP:During routine partner monitoring, Kiva learned that LEAP's delinquency data may be understated due to technical problems with their reporting software. Because this report is key to our analysis of the risk of this partner, delinquency or default rates on loans to this partner may be higher than we expect. For further details, see LEAP’s partner page on Kiva.
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