Kiwojjolo Development Group, Lugazi
The roast banana delicacy is in high favor with many travelers along the road Irene operates next to. The inclination she has towards her job has, over the last five years, played heavily into her hands. With no previous business experience, getting into her stride was a tall order, given the financial drawbacks that she faced at the onset.
With this loan, Irene says she wants to buy more bananas to roast. With increased savings, she plans to buy a plot of land as well as to expand her business. She has benefited from taking loans, since she now owns a cow that gives her milk to sell.
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