Ndorogi 1 Rukundo, Ibanda Group
Spedita is able to make close to 200,000 Ugandan shillings monthly. This is quite modest by any standards and, as such, she requires a loan that will help her buy more food supplies for her business.
Spedita belongs to a group of twenty-two members and they are on their 18th loan. They insure each other in paying back the 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