Bbogo Women's Group 2, Lugazi
Henry has been plying his business for the last two years and he mainly deals in sugar, maize flour and beans. Currently his business generates him profits to the tune of 100,000 Ugandan shillings, per month. His small scale retail business is his only source of income. Most of his customers are fishermen from the neighboring villages.
Henry says that, with this loan, he will be in a position to rejuvenate his business which has been plagued by losses due to the unpredictable change in customers’ preferences. He became involved in this business after he saw that no-one had a retail shop in his locality. He plans on educating his only child and buying more merchandise for his retail business after he gets this loan.
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