Nanso Development Group, Lugazi
For 34-year-old S. Steven, of Nanso Development Group, none of the above is out of the ordinary, as he has always been tenacious and has invariably brought forth sound ideas in his ten-year-old fishing and retail shop businesses in Kafunta, Lugazi. With these traits in tow, his businesses have been rejuvenating like giants refreshed in the course of every month.
Steven has been selling mostly smoked fish and a variety of general merchandise items such as sugar, salt, bread, groundnuts (peanuts), paraffin (kerosene) and exercise books. His wife helps him at his retail shop.
Steven started off as a farmer before he became partial to the aforementioned businesses. He also operates a commercial motorcycle business. Hard work, he says, is for him the byword for the success of his businesses.
With this loan, Steven wants to buy more bags of sugar, salt, groundnuts, bread, etc., for resale. He also wants to buy more fishing nets.
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