The group members all have different businesses at the marketplace which is not far from their residential places. Theresie sells a variety of items in her shop such as rice, maize flour, sugar, soft drinks, and many more. She has been doing this business for a period of eighteen years. Since her business is prospering, she decided to request this loan to add more merchandise to sell, and she believes that the profit from this business will be used to re-invest in her business, because she needs to expand her business to the extent of becoming a wholesaler in the future.
About Urwego Opportunity Bank of Rwanda (UOB)Urwego Opportunity Bank (UOB) helps underserved Rwandans by providing its clients with the necessary credit and savings capabilities required for economic transformation. It offers credit products, including group and individual loans, as well as training in business development, financial literacy and health management. UOB loan products leverage social collateral since most group members have little to no collateral.
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