Rock Of Ages Group, Lugazi
Julius has been a fishmonger from Busaana Landing Site for seven years and he is able to make 70,000/= as profits from the fish that he sells. He buys fresh fish and smokes them for his customers who buy from his workplace.
Before he started getting loans, Julius was a fisherman but left that to buy the fish and smoke them himself since his wife is also involved in some other businesses of her own. Julius needs a loan to be able to buy more fish that he will smoke for resale.
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