Bazira Community Bank Group
Faridah has borrowed a loan before and she has built a pedigree of paying back her loans on time. Faridah says she began this business after the completion of school. She also ekes out additional profits from a small fish sales business. Weekly, her food sales trade generates her profits to the tune of 150,000 UGX and she says with this loan, she is going to purchase more foods like rice, potatoes and beans to resell.
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