Fena Fena Tukore Group, Mubende
With a business longevity span of three years, Frank has managed to significantly sustain and improve his family’s welfare by paying his bills and general family welfare. To all appearances, his future business prospects look promising with 600,000 Ugandan shillings coming in monthly out of his business. He envisions an even greater profit margin as he gets this loan, anticipating being in position to buy more stock for the business. This will enable him to expand business by opening more stores, earning more revenue and living a self-sustaining life.
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