Buntuuse Farmers Assocation, Lugazi Group
In the four years John has been plying his retail shop business, he has come to terms with the fact that when one experiences firsthand the hardships associated with running a business, it becomes a defining moment in the success or failure of that venture.
The married father of one has brought personal values to his business with determination and perseverance. Weekly, his business generates him 40,000 shillings and, because the cost of living in Busaale, Lugazi, is not that high, John can successfully make ends meet.
With the auspices of this loan, John wants to buy more bags of sugar, bags of rice, and bars of soap for his retail shop. He is planning on selling them to earn more profits.
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