Kanyinya Beekeepers Group, Kyenjojo
Philmon has operated a drugstore in Kanyinya A trading centre for thirteen years. Ever since he started his drugstore, his business has progressed and he has been able to make 300,000/= as monthly profits.
Philmon says that he has been able to attract his customers because of the good services offered and he would like to continue having a stable and successful business as well as a well-established family.
Philmon needs a loan to be able to increase the stock in his business by buying more drugs 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