Akumu Mary, Bugolo Group
People are really struggling to better their standards of living and this is what Mary A., a member of the Bugolo Lending Group, is going through but it’s paying. She sells "mukene" (a small silvery fish) wholesale, meaning she works hand-in-hand with her husband in fishing. Though at times she stays behind to dry up the fish and deal with customers.
Some of her group members are her customers in a business she has been running for five years. She sells a basin of the fish for $3.00 and on a good day she can sell over 50 basins. Really, fishing is best for men but, to Mary, this is business. She needs a loan to be able to buy another boat and a fishing net, as well as build a house in the plot they bought previously. She is so grateful for the group loans.
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