Mirambi Tumanyane Group
Lydia is a widow, mother of four children. She lost her husband six years back. Her four children are all in school; one dependent helps her in her restaurant business.
Lydia is mainly a small-scale trader with a small restaurant with running capital of UGX 500,000. She supplements her restaurant business with income from her cotton farm which she resorted to after losing her husband so that she could look after her children and send them to good schools, which she does single-handedly.
She will use the loan to buy more food items and utensils for the restaurant and invest some in cotton farming. The proceeds will be used to pay tuition for her children.
The main challenge is rent since she hires the room in which she operates, especially when the rent falls due at school term period and she has to pay tuition for her children at the same time.This usually drains the restaurant. Despite all the challenges,,Lydia is a very hardworking and determined woman and very optimistic since her first-born has now joined senior three.
The whole group is excited about the partnership with Kiva. The eighth person at the extreme right behind is the Ugafode credit officer in charge of the group.
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