Akili Baco Group
Mulunga is 55 years old, married, and the father of seven children aged 9 to 31. All of them attend school. Mulunga operates a general store to the southeast of the city of Lubumbashi, in the southeast province in the Democratic Republic of the Congo. He became a microentrepreneur in 2004. Mulunga has already received five loans from the microfinance institution HOPE DRC and has fully repaid them. He intends to use this loan to expand his inventory. He will buy cans, sacks of rice and sugar, and milk and resell them at profit. Currently he earns a profit of $120 per week. His ambition is to open another store in a different area.
About HOPE DRCHOPE International has been providing small business loans and savings services to thousands of entrepreneurs in DRC since 2004. HOPE DRC targets small business owners who can use loans to increase their inventories or invest in assets that have the potential to increase their incomes. Funds from Kiva lenders play a major role in expanding access to affordable, flexible capital for micro-entrepreneurs, 80% of whom are women.
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.
About Congo (Dem. Rep.)
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Success!! The loan was 100% repaid