Ndejje Tusuubiradev. Team_ New Group
He has a hair salon on a busy street in the town and has been doing this business for 14 years. This business has helped him look after his family including three other children who belong to his elder brother. He agreed to help out with school fees for these children because his brother's income is too low to allow him to pay fees.
Bonny hopes that his business can become more and more popular so that he can attract many customers. With this loan he would like to purchase hair dryers.
His challenge is that when he tries to raise his prices, it discourages his clients and they stop coming to the salon. He therefore has to work longer hours to try to make more money. He wishes that he was able to access bigger loans at a cheaper rate.
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