Nyame Ye Nyame Group
Jones has operated his business for the past 12 years. His second business is farming. Jones is excited to be taking out this loan, with which he plans to purchase kente cloth in bulk. He dreams of owning a store to showcase his kente cloth.
Jones is married to a woman who is also a trader in kente cloth and they have four children from age 1-13. He hopes to put aside more savings to be able to provide good education for all their children. The other members of the group are mainly kente traders and farmers.
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