Kyenzige Sacco2 Group
Gertrida now wants a loan of 600,000 shillings for her retail business. Her dream is to see her children go to school and also to support her husband in putting up a permanent house for the family. Her challenge is limited capital in the business plus high transport costs. She is optimistic that with UGAFODE through the group, her life and her family status will gradually change.
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