Annet has recently been enrolled in a UGAFODE group, where she has applied for a loan of 200,000 Ugandan shillings to buy hair relaxer oil and artificial hair for her salon business. She will be able to make some good profits since most women will be treating their hair to look good during Christmas. Her dream is to buy a plot of land and build a house where she can stay with her disabled mother.
Annet is the second from left in the first row.
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