Nanso Development Group, Lugazi
S. has subsisted on a low-earning fishing and retailing business for the last two years in his area of Nanso, Buziika, and Lugazi. He mostly sells fish, sugar, salt, paraffin, soap and oil. In a month he excitedly says he makes more than 300,000 shillings and is looking forward to making even more with the acquisition of this loan. Behind the excitement however, he knows he has responsibility that he owes to his children, especially those not at school.
With no previous business experience, S., to all intents and purposes, got started in his business on a low-key note with persuasion from his brother who was also inclined towards doing business. From then on he did not rest on his laurels as he knew he had to work hard to see success within his grasp. With this determination, his business turned a new leaf. The benefactors are his first two children: he managed to provide for their education.
With this loan, S. is optimistic that his businesses will see a new lease of life as he intends to buy fishing nets and additional retail stock. He also wants to fully educate all his children.
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