Kolo Development Group, Mukono
Lawrence is a hardworking and friendly man with a business selling dried fish and fresh produce from Nantabulilirwa trading centre of Mukono. He has been in business for three years and buys his fish from the landing sites in Mukono as well as buying the produce like potatoes and cassava from the farmers around his village.
Lawrence is grateful that he is able to access loans from Pearl Microfinance and this enables him to take good care of his wife and children. He needs a loan to be able to restock his businesses.
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