Nkokonjeru Model Group
Musa rose to the occasion when the opportunity availed itself. His close acquaintances too had been prevailing upon him to take root in the business. Musa also ekes out side income from a motorcycle transportation business.
Musa's group is on their 4th loan cycle. Food sales businesses are lucrative ventures which many low income people rely on to make ends meet. Weekly, Musa's gross sales income is to the tune of 30,000 Uganda shillings. Musa says this Kiva loan will help him out witih the purchase of more food such as maize, rice, beans, cassava, etc. 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