These 8 ladies sell various goods and hair products. They need this loan to buy items like maize, beans, plantain, cassava, panties and brassieres, Coca-Cola, assorted drinks, fish, charcoal, provisions, shampoo and hair conditioners. They are between their first and third loan cycles with ID-Ghana and they have paid previous loans promptly. They are living in a small area called Otinkorang in Teshie township. They have formed this group to empower women in this area through trading. All of them sell the commodities listed above with the exception of Grace who is a hairdresser. All are married with children.
Mary is a beans and maize seller and has been in this business for 4 years at her residence. She distributes to customers over a period of days and collects her money immediately. She buy her items at wholesale price and supplies them at retail. She has ready customers who pay back right away. Her monthly profit is 150 GHS which she uses partially to support her home, reinvesting the rest.
They need a total amount of 3,800 GHS to be able to meet customer needs.
About ID Ghana
ID Ghana is a microfinance NGO that provides financial and social services to underserved urban communities in Accra. ID Ghana’s socially-oriented business model provides clients with a number of social services, including financial literacy training, group discussions led by peer educators on health and nutrition education, child schooling, basic medical services, and counseling and legal services for women victims of violence.
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.
A portion of Otinkorang Group's $1,950 loan helped a member to buy items such as maize, beans, plantain, cassava, panties and brassieres, Coca-Cola, assorted drinks, fish, charcoal, provisions, shampoo and hair conditioners to sell to customers.