Katwebumbe Youth Group
The men and women wanted to improve their and their families’ lives, but it was difficult for each to save enough money to do something big like build a house. So they decided as a group to borrow a lump sum and repay it in installments. In this case Katwebumbe has borrowed 2900 UGX from UGAFODE.
Sarah, a single mother of three, has taken her share to complete her house and is using the balance to buy firewood to dry the stoves. With the income from her stoves, she has been able not only to finish her house but to continue educating her children as well.
The group’s dream is to buy a cement mixer to mix the clay because doing it manually is time-consuming and hectic.
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