Kafundezi Basubuuzi Twegatte Group
The decision he took to begin this source of livelihood has in many ways made him proud. Joseph says living by his wits was a proposition that he dreaded. Before, he was before engaged in a small farming business but it did not help that much as most of the food he was growing was harvested for home consumption.
Monthly he says this business generates shillings 300,000 as profit and he says with this loan, he is going to purchase more foods like sweet potatoes, rice, maize, etc. which he says sell at higher prices on the local market. In the group photo, Joseph is the one with the raised hand.
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