Lutengo Development Group A
38-year-old Joseph says that, though his business is fraught with lots of competition and other operational uncertainties, he is still a good credit risk, owing to the fact that he has been in this business for nine years. This, he says, is not an easy feat in his kind of business.
He says he is still going strong and he always goes to any length to ensure that his business is making progress.
Joseph is an enterprising business man who says he buys timber from as far away as Mbale in eastern Uganda. Though he has enough in his reserves, he is still pitted in competition in his business against many other already established and up-and-coming timber sales business men.
His advantage has always been that he is able to sell his timber to more flourishing timber markets in Kampala.
The happily married father of three says it's a business he began with savings from his erstwhile charcoal sales business. Hard work is the key to success in any business undertaking, Joseph says.
Monthly, this business generates him 350,000 shillings as sales profits and he says with this Kiva loan, he is going to purchase more substantial amounts of timber 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