Friends Trust Bank Group
Grace is the leader of 'Friends' trust bank group and she says they have known each other since childhood days hence the name 'Friends'. They are 10 in number and she was elected as group leader because she is a unifier. Members of the group are into the sale of maize, yams, beans and chop bar operation. All the group members plan to use the loan to grow their businesses so they can work towards achieving their dreams.
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