The representative of the group, Rosemonde, is 30 years old. She is married and the mother of three children who attend a local school. Her oldest and youngest children are 14 and 10 years old respectively.
Rosemonde has been selling "pagnes" (colorful West-African fabrics) and various other goods for a few years, stocking up at a market in Benin.
Eager to expand her business, and to be able to meet her customers' demand, Rosemonde has requested and obtained a micro-loan from Finadev. Thanks to this loan, she will be able to maximize her profits and to contribute to her children's education.
Rosemonde is the woman featured on the left-hand side 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