C2256 Abadacogora Group
Josephine is 33 years old and is married with five children aged between 1 and 20. Her husband doesn't work and for that reason she works hard so that she provides all her children’s basic needs.
Josephine has an experience of seven years in her business of selling soft drinks and cakes in her region. She employs one person as a helper and runs her daily activities from 5 in the morning to 9 in the evening every day.
Josephine and her group are now requesting a loan from Kiva lenders via Vision Finance Company in order to expand their businesses through purchasing more products. This loan will help them to satisfy the demands of their clients.
Josephine will be using the extra money expected from her expanded business, to reinvest in her business and to save money for the future of her family.
About Vision Finance Company s.a – Rwanda (VFC)
Vision Finance Company (VFC) was Kiva's first partner in Rwanda. Established in 1999, VFC is an affiliate of World Vision International. Since its founding, VFC has been committed to alleviating poverty in Rwanda by ensuring that poor people have access to credit to support business initiatives that will improve their life circumstances.
VFC has a broad set of products and services, offering Community Banking services for self-selected groups of 10-30 borrowers, Solidarity Group services for more experienced groups of entrepreneurs, and Individual Loans for customers who already have a small established business. Vision Finance is also among the very few financial institutions targeting farmers and providing agricultural credit options in Rwanda, where access to credit is critical to the success of agricultural enterprises.
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