For several years, she has been selling garden vegetables. She buys her supplies at one of the markets in Benin. In order to strengthen her business and satisfy her clients' demands, she has asked for and received financial support from Finadev. The income from this loan will help her participate in her children's education and buy a plot of land.
Honorine is pictured at left.
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