C2168 Amahoro Group
Madi is a businessman who works hard so that he can provide all the basic needs of his family. He puts that hard work into a business he owns selling various styles of clothes. In particular, Madi is a new entrepreneur because he has an experience of only two years but he is well-known in his business and well-organized. The hours of his business are from seven in the morning to four in the evening, every day except Saturday.
Madi is the leader of this group of six members. He and his group are requesting a Kiva loan via Vision Finance Company for the purpose of expanding their businesses. Through this expansion, all members of group will be able to satisfy their customers and can expect to earn more profits which will help them to save money and to sort out their family problems.
About Vision Finance Company s.a – Rwanda (VFC)
Vision Finance Company (VFC) was Kiva's first partner in Rwanda. Established in 1999, VFC is an affiliate of World Vision International. Since its founding, VFC has been committed to alleviating poverty in Rwanda by ensuring that poor people have access to credit to support business initiatives that will improve their life circumstances.
VFC has a broad set of products and services, offering Community Banking services for self-selected groups of 10-30 borrowers, Solidarity Group services for more experienced groups of entrepreneurs, and Individual Loans for customers who already have a small established business. Vision Finance is also among the very few financial institutions targeting farmers and providing agricultural credit options in Rwanda, where access to credit is critical to the success of agricultural enterprises.
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