Omungyenyi Kwetungura, Ntungamo Group
What has inspired him most in the business is having noticed the prevailing market in the area from local people. It is for this reason that he wants to get this loan to improve his financial prospects in terms of restocking his business with attractive materials and more bales of clothes. He earns additional income from farming and the ownership of a retail shop.
With these modest earnings, he has been able to make the best of the bad bargains that occasionally hit his garment sales business. Swibu happily reveals how he is able to educate his four-year-old child who is attending kindergarten. He is looking at business expansion in the future.
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