We have been in this business for six years. Now, we need to buy new crockery and tents for our business and for this, we need a loan.
My other group members are Sakina B. who needs a loan for her grocery store; Tasleem A. G. who needs a loan for her cloth business; Azra B. who needs a loan for a container manufacturing business; and Rasheeda B. who requires a loan for her son’s 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