St Theresa Women Group
He has been dealing in electronics for two years. After realising that farming was seasonal and could not enable him to meet daily expenses, he decided to start his current business to supplement his agricultural activities. Like most traders, he is challenged by price fluctuations and inadequate capital to meet the high demand.
Alex intends to use the loan facility to buy electronics, such as cables and bulbs, to sell. He is a member of the above group, where each member guarantees the other in obtaining credit facilities. He has dreams of educating his children and having a big shop in town.
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