Kisenyi Tugonzangane Group
Rose is a 35-year-old, married woman with eight children. Six of her children are in school. To earn a living, she operates a retail shop, where she sells pork in the outskirts of Kagadi town. Her major clients are residents of Kisenyi, a suburb of Kagadi where she operates. She explains that she started the business in 1993 in an effort to increase income for her family. Rose's major challenge is insufficient capital, which makes it difficult to meet her clients' demands for pork products.
Rose is seeking a loan in the amount of 400,000 UGX. With the loan proceeds, she plans to purchase additional piglets so that she increase her family's earnings. Her dream is to construct a permanent residential house for the family and to make sure that her children are educated at a higher institution of learning. She is thankful that UGAFODE came at the time that her group members needed financial services; indeed, she feels that UGAFODE's appearance in their lives answered their prayers. The group collectively believes that they will make good use of the money this Christmas and that the returns will be signficant.
More information about this loan
This loan is part of UGAFODE's program for clients who live in isolated rural areas with limited access to financial services. Uniquely, UGAFODE focuses its efforts on agricultural areas in Uganda that are over 50 km from their branches, providing loans to both groups and individual borrowers. The organization believes that the risk of offering services to remote clients is outweighed by the benefits to customers and their often underserved communities.
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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