Bakole Wakiso Development Grouo - Lugazi Group
To get a viable and sustainable financial means of subsistence that she and her family could rely on, she began her fish selling business two years ago. To take root in this business, she had to use savings from her bar business, which is still a side business for her. In a week, out of her fish business, she makes profits totaling up to 500,000 shillings.
Under the auspices of this loan, Fatuma wants to boost her business by buying more fish to resell and some to smoke and keep as reserve just in case client demand goes up. Just like in any other part of Uganda, fish customers in Lugazi normally have preferences, some an inclination for smoked fish and some fancy fresh fish. The upshot of increased sales, Fatuma gleefully says, is going to be an increase in profits for her business. This, she says, will improve the longevity of her business and, most important, enable her to give her kids a better education.
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