Bushura Tutungukye, Kihihi Group
His main drawback is that he has a limited variety of products in his shop that cannot satisfy the customers' demand. Therefore, Patrick is looking forward to increasing stock in his business when he gets this loan, and also expanding into a wholesale shop. This will help him earn more revenue and sustain his daily life needs and further educate his children.
He also belongs to a group of members who insure each other 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