Buvumu Development Group
The affable father of three is also a teacher by profession.
Like many of his contemporaries, his involvement in an auxiliary business is, by and large, brought to pass by the low remuneration which teachers in Uganda have to contend with. Many teachers have to supply the deficiencies in their salaries with side businesses. The earnings from his charcoal sales trade are invaluable in elevating his overall income. Weekly this business's gross sales returns are to the tune of Uganda shillings 100,000.
Robert's group is on their second loan cycle. The repayment record has been good.
Robert says this Kiva loan will render him help in the purchase of more bags of charcoal 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