Nkongoro Goat Rearing Group, Ntungamo
However, in most cases Steven’s profits depend on how much capital he has invested in his business. He is very much into restocking more goats on his farm and thus needs this loan to help him achieve his objective; it will derive him more sales revenue in the near future.
Steven is happy to say that, apart from his goat selling business, he earns additional income from the sale of bananas and that he was a driver before all this transformation. What made him change to goat rearing and selling was because the demand was so high yet nobody could supply promptly. He is really grateful for his loans.
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