Nyaruhanda Twimukye, Ibanda Group
This loan will be of great value for Wily to purchase farm tools like hoes, fertilizer and to modernize his plantation to improve on his banana crop (which is commonly used by customers for making a local dish). He will also be able to buy pesticides for the pests and diseases which are a great threat to his business products. This will increase his sales revenue and enable him to pay his daily bills including his children’s school bills.
Wily belongs to a group of members who hold each other accountable and insure one another 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