Odengero Jua Kali Group
Lawrence M. is a young Kenyan father, aged 36, with three children. He also lives with the two orphaned children of his late brother, who perished a year ago.
Lawrence started his business four years ago after accumulating savings from an informal rotating savings fund that his group had. (This is commonly referred to as “merry go round.") His business is located in the municipality market. His clients are mostly people from the neighborhood who give him furniture orders. Lawrence uses the profits from his business to feed, clothe, and educate his children. With the help of his loan, he'll be able to purchase timber in bulk to make more furniture for his regular clients and increase his business 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