He has been distilling alcohol for the last ten years and there is a ready market for his product. He has a challenge because of price fluctuations. His dream is to expand his business into new markets. Bonifance needs the loan facility to pay workers who are distilling alcohol for sell. Bonifance belongs to the above mentioned group and only 15 took money and the rest had to guarantee them as per the group policy.
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