Michael O. is a young Kenyan father. He is 30 years old with two children. He also lives with the orphaned child of his late brother, who perished two years ago.
Michael started his business three years ago after accumulating savings from his former work place, a local petrol station in the town of Kisumu. He currently sells men’s shoes but would like to diversify his inventory to include children's and ladies' collections.
As the bread winner for the family, expanding his inventory would allow him to support both his children and his wife, who does not have a job. With the little profit that he gets from the business, Michael struggles to pay the house rent and feed and clothe his children. With the help of his loan, he will be able to add more stock and increase his monthly sales.
Disclaimer: Due to recent events in Kenya, the security situation in many communities remains unsettled, affecting many local businesses. Lenders to this entrepreneur should be aware that this loan may represent a higher default risk, and should be willing to accept this additional risk in making their 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.
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Success!! The loan was 100% repaid