Katonzi Nyakabingo Group
For seven years he has been in butchery and also earns a pension as additional income. Price fluctuation and inadequate capital affect his business growth, while his dreams are to own a ranch and educate his children up to the university, although he never had a chance to go to school.
Joseph intends to use the loan to buy cows to sell. He is a member of the above mentioned group where each one guarantees the other in accessing a loan.
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