L. Steven's affiliation is with Katebo Business group-Mpigi. It has been 10 years now since he set forth in his Fishing and farming businesses in Katebo. Thinking back, Steven says it is his parents who gave him with reassuring pep talk to begin this business. Prior to that, he says he was more engaged in farming. Farming was something he really put effort into and as is the case with most African countries, it was his main means of livelihood. At length, he banked on savings from harvested crop sells to venture into the above mentioned businesses. Steven is happily married and has five kids. Monthly this business brings him 200,000 shillings and with this loan, he says he wants to purchase more equipment for his fishing business. Principally he says he wants to buy fishing nets and a boat.
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.