Brigitte has been selling sacks of corn for five years and gets her supplies in one of Benin's markets. In the hope of increasing her capital and responding favorably to customer demand, she has sought and obtained a micro-loan from Finadev. The profits made possible by this loan will allow her to contribute to her child's vocational training and to meet her needs. Brigitte appears at 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