Spirit Trust Bank Group
Samuel is the father of three children (a set of triplets) who are aged 7. He has already secured admission for them in one of the basic schools in the locality where they live.
As the bread winner, Samuel works very hard to ensure that the needs of his family are adequately met. He is a trader who deals in electrical appliances of all sorts. It is his desire to put his children on a higher pedestal in life in terms of academics and business so as to make life less difficult for them.
Having been in the trading business for one year, Samuel intends to save and acquire an additional two shops to expand his business.
Since trading is a source of livelihood to many in most communities in Ghana, the Spirit group members are all into all kinds of trading activities.
The group requests a loan to enable them to procure goods and raw materials in bulk to revamp their businesses.
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