A traveling hosiery saleswomen for the past five years, Florentine gets her supplies from wholesalers in one of the outdoor markets. Her customers are mainly women. With the intention of increasing her capital and meeting customer demand, she has sought and obtained a loan from Finadev with an eye to maximizing her interest and contributing to her children's education. Florentine is on the left in the photo.
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