Obwerere Tuhame Group, Ibanda
He has subsisted on a produce sales business for a timeframe of nine years. At the age of 39 years, B. Fulgensio is a fledgling produce sales business trendsetter whose example is bound to stand out as a benchmark for other youth in his home area of Obwerere, Ibanda district. Many youth in his home area preoccupy themselves in self-destructive activities like drinking alcohol.
With his hard work, Fulgensio has managed to take firm root and, in a week, he apparently makes 80,000 Ugandan shillings. With his monthly savings, he has managed to diversify his small business. This has, however, not come the easy way as he has had to grapple with many adversities such as the unpredictable weather patterns which, for the most part, mean he has fewer supplies from farmers.
Fulgensio’s dream is to build his own produce stalls and a store to keep his surplus goods. With this loan he hopes to implement this.
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