Cosma is a 32-year-old married man with seven children aged between 15 and 1 living in Kagadi,Uganda. He owns a retail shop and he received the initial capital from selling local brew, a business he has operated for twelve years. With the proceeds of both businesses he has been able to pay school fees for his children and buy land where he practices farming. He dreams of educating his children up to the university level and owning a wholesale shop due to the vast market. He is a member of the above mentioned group where each one guarantees the other to access a loan. Cosma is requesting a loan to buy sugar, salt and other general merchandise to sell.
More information about this loan
This loan is part of HOFOKAM's program targeting poor and geographically excluded populations in Western Uganda. In addition to loans, it provides social and business training programs to low-income entrepreneurs and their communities. Since 2003, HOFOKAM has provided sustainable financial and non-financial services to promote social, economic and sustainable land development and improve the quality of life for vulnerable populations. The organization has a clear vested interest in underserved communities with its headquarters in rural Fort Portal and a number of branches in extremely remote areas.
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.