Nora and the seven other group members have worked for several years in their various businesses in and around Teshie community. They sell basic products, such as provisions, soft drinks, eggs, wax prints, plastic products, fish, vegetables, cosmetics, yams, and kids’ dresses. They have now decided to form a group of eight in order to take out a loan. The group is called Paragogous Group. In the photo, Nora is standing second from the left.
Nora is applying for GHS 1300, Vida for GHS 1200, Christiana for GHS 600, Grace for GHS 800, Beatrice for GHS 750, Setina for GHS 300, Charwy for GHS 300 and Elizabeth for GHS 250, for a total of GHS 5,500. They are applying for the loans to buy more items to sell to their customers. This is their second loan with KIVA. Nora's goal for the future is to be able to improve her house.
About ID GhanaID Ghana is a microfinance NGO that provides financial and social services to underserved urban communities in Accra. ID Ghana’s socially-oriented business model provides clients with a number of social services, including financial literacy training, group discussions led by peer educators on health and nutrition education, child schooling, basic medical services, and counseling and legal services for women victims of violence.
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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