Jesus Cares Group, Mukono
Pascoli’s shoemaking and sales business has, in a way, propelled him to some considerable financial glory, notwithstanding the fact that he, in most cases, faces problems of shortage of shoemaking materials. This has often been his biggest undoing. Despite this, he has made sure that his family of his wife and five kids bask in the modest glow of his business.
This was Pascoli’s first business and he started it after apprenticeship training in a shoemaking factory. With this loan, he wants to restock his business. This, in essence, means he wants to purchase more leather shoemaking material. This, he says, will enable him make more shoes 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