Nakyesa Widows Group
He was previously a farmer. After his savings had accumulated from the crop sales he made, he decided to try out some other business venture in the form of this butcher shop.
Weekly, he says, he can make profits to the tune of 150,000 UGX. With this loan, he is going to buy more cow meat to resell at his butcher shop.
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