Bugembe Katwe Women's Group
George, 61 years old, has been in the rentals business for the past 17 years. He says most of them have been looking for a quick fix for the problems they face but to little avail. George, a down-to-earth father of six, says, despite that, many landlords like himself are still able to live within the ways and means of their businesses. Seventeen years of experience in this business have taught George much about how to be successful. He says he banked on savings from his farming business to take root in the business. On the side, George also ekes out additional income from a modest mattress sales enterprise that he began seven years ago.
Monthly, George says his business generates him income to the tune of 300,000 Ugandan shillings. He says that he intends to utilize this Kiva loan to purchase bags of cement, sand and other construction materials for the construction of two self-contained rooms for rent in Jinja, in the east of Uganda in East Africa.
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