Wajjala Ibrahim, Bugolo Group
Ibrahim W. is proud of his job. The moment you ask, he does not hesitate to tell you, "I am a boat transporter." He owns an engine boat that completes four routes a day from Jinja to Kikondo landing site on the Nile River waters. He has been running his business for 25 years.
Ibrahim is a member of the Bugolo Lending Group in Lugazi and loans have enabled him to grow his business. He says that before the loans he had no engine and this made transportation much slower and more difficult. Once given the group loan, he would like to buy another engine so that he can hire another person while he concentrates on his own. He is a 42 year old married man with two wives and 11 children, the first-born is 17 and the last is 2 years old. His business is really good and he has been able to finance his loans promptly.
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