Kanungu Kwetungura Group, Kihihi
This workshop has been in existence for the last twenty years and the reason why it has existed this long, Henry says, is on the grounds of his perseverance in the face of hardships. He cites financial hardships, intrigue and the high cost of timber as some of the problems that have plagued his business. Without his strong-hearted sense of resilience, he says, he would not have come this far.
Henry makes all kinds of furniture such as chairs and desks that he has been selling to the many mushrooming schools around Kihihi Town. He also has a small milk-selling business that helps him earn some side profits. In a week, he makes 200,000 shillings. With this loan, he wants to buy more timber that he will use to make more furniture 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