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Gungano Group
In this Group: Kudakwashe , Margaret, Chipiwa, Loice
Kudakwashe is 25 years old and single, but looking after three dependents. He lives in Gweru and sells groceries and fast foods in the same area. He has been operating this business for the past four years. Kudakwashe is applying for a loan of $400 which he will use to buy groceries and a chip fryer, as he is currently unable to meet demand with his current capital resources.

He is facing the working capital challenges as well as being unable to meet demand. He used to borrow from his community and once got a loan from Microking which he paid well. Kudakwashe hopes that getting this loan will enable him to get enough income to look after his dependents as well as upgrading his standard of life.

Additional Information

About MicroKing Finance

MicroKing's loans are guaranteed against institutional default (failure of MicroKing to repay Kiva lenders if the borrower repays MicroKing) by MicroKing's parent company: Kingdom Financial Holdings Limited.

More About MicroKing
This loan is administered by MicroKing Finance, Kiva’s first partner in Zimbabwe.

MicroKing’s mandate is to provide financial services integrated with advisory services and targeted training to the under-banked but rapidly growing Zimbabwean micro-enterprise sector. The intent is to mobilize the underprivileged as active agents in fighting poverty as well as to accelerate the country’s journey back to economic prosperity where Zimbabwe was once known as the “bread basket of Africa.”

Zimbabwean micro-enterprises are generally run by women and comprise a multitude of business types. Constraints on local production and manufacturing capacity have led to cross-border trading being the most common type of business.

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.

About Zimbabwe

  • $2,000
    Average annual income
  • 0
    View loans »
    Zimbabwe Loans Fundraising
  • $3,458,725
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A portion of Gungano Group's $1,600 loan helped a member to stock groceries and buy a chip fryer.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 23, 2011
Listed
Oct 23, 2011
Currency Exchange Loss:
N/A
Ended:
Sep 29, 2012