Damas is a twenty-eight year old man with four children living in Masindi, Uganda. He has been selling fish and he got his start up capital from his farming savings. His dream is to educate his children, build a permanent home and buy a motorcycle. High fuel and transportation costs hinder his business and his dream is to trade in wholesale. Damas needs the loan to buy fish to sell.
He is a member of Nyakyanika 11 Women group where members guarantee each other in order to access a loan.
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.