Kwezimba Bugalya, Mubende Group
With this loan, he hopes to be able to purchase more stock for his business, as his drawback has been in having little capital input. He also hopes to be in a position to transform the business into a wholesale one to improve his income. This will make him live up to his goals of educating his children and building a home for himself.
He belongs to a group with other members who insure and hold each other accountable 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