Bugongi United Savings And Credit Group B-Kihihi
This business, Peter reveals, was begun with savings from his produce sales business, which is still a business for him, though he has less time for it at the present time. When he is not there to see the day to day running of business, his wife with whom he has 5 kids is always there to run it. Monthly, this business generates him 200,000 shillings. With this loan, Peter says he is going to buy more jerrycans of crude alcohol to resell. Peter belongs to Bugongi United Savings and Credit group-Kihihi.
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