The BOK KHOL 3 group is made up of five women, all married. They decided to form a group to support each other's retail food businesses. They each contribute, on a weekly basis, to build up savings that allow them to receive loans from UIMCEC. With the earnings they generate from their retail activities, they take care of their children's needs as well as their own. In order to expand their business, they are requesting a loan of 500,000 francs for the purchase of groundnuts, millet, beans and other basic food products.
Le groupement "Bok khol 3" est composé de cinq femmes, toutes mariées.Elles se sont organisées pour s'appuyer mutuellement dans leurs activités de commerce de produits alimentaires. Elles se cotisent chaque semaine pour constituer une épargne qui leur permet d'avoir des pret à l'UIMCEC.Elles prennent en charge leurs propres besoins ainsi que ceux de leur enfants avec les revenus générés par leur commerce.Afin d'augmenter leur fonds de commerce, elles sollicitent un pret de 500000f pour acheter de l'arachide, du mil, des haricots et d'autres denrées de consommation courante.
This loan is administered by UIMCEC, a Kiva Field Partner in Senegal since 2008. UIMCEC is a government-regulated microfinance institution whose mission is to improve the revenue and well-being of families through access to financial services, allowing principally women and young adult micro-entrepreneurs living in rural and semi-rural areas to develop their revenue-generating businesses and supporting them in becoming financially self-sufficient.
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.