Tulwanirewamu Community Group
Not everything has been going well, however. She says the rising cost of doing business in most of East Africa has not spared her business. She says most of the cosmetics and other equipment she uses at her salon are increasingly becoming expensive. As a result, her business's growth has been stifled somewhat.
She remains upbeat, hoping for a favorable turn in circumstances soon. For a woman who was previously a housewife, this progress and attitude in the face of business adversity is encouraging. This mother of three says this business's gross profits total up to 500,000 Ugandan shillings weekly. She says this Kiva loan will come in handy in the purchase of more cosmetics, hair dryers and other hair products to use at her salon.
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