The members also realized that there is potential to sell clean cookstoves, portable solar lanterns, and solar home systems. According to VEP's research, an average household of five members consumes approximately $2 of paraffin per day to light their homes. This fuel source is not only more expensive than solar lighting, but it is also polluting and unsafe. Another product offering, clean cookstoves, will reduce households' dependence on firewood by 50%. These products create savings for families, reduce negative environmental impacts, and empower the members of Ngorongo Group to earn a meaningful income.
More information about this loan
About Visionary Empowerment ProgrammeVisionary Empowerment Programme (VEP) is a nonprofit organization that empowers people to build their own enterprises through microfinance, training and other development services. In addition to providing loans to groups of borrowers, it works with established organizations to encourage installation of biogas digesters, solar energy products, clean cooking stoves and other technologies that reduce costs, poverty and greenhouse gas emissions.
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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