Joyce is a 43-year-old vegetable seller who is married to a 45-year-old butcher. She has 5 children who are schooling. She helps her husband financially to cater for their children. She took 200 Ghana cedis as her 1st loan and 700 Ghana cedis on her 3rd loan. She repaid all loans without default and now she needs 1000 Ghana cedis to buy more onions, tomatoes, cabbages, carrots and garden eggs (small eggplants). She sometimes helps her husband to sell in the market. Her monthly profit is 120 Ghana cedis which she uses part for reinvestment and part to help her husband.
The group members need a total amount of 2100 Ghana cedis to be able to expand their businesses.
About ID GhanaID 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.
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Success!! The loan was 100% repaid