Habib has a general store where he works together with his son. Habib is a hardworking man. He works seven days a week in his shop to support his family members and pay for the rental house they live in.
Habib needs the loan to purchase more stock like beverages and the other essential items which support his progress. He hopes to be a good businessman in the future and so that he will be able to have his own house in which to live together with his family.
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