Kanyansheko Bakyara Twimukye Group, Ibanda
Vincent is also involved in the sale of matooke (green fruit of the banana family, prepared by steaming), mostly from his plantations. He does buy some matooke from other farmers. He has had this business for 5 years and he started it with a loan. He is so happy that the business worked for him the first time. He needs a loan to be able to modernize his business by buying more furniture and oils for his customers.
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