Nyanityobora Youth Development Group
He first took a loan of 500,000 from UGAFODE, and that loan helped him to do well. With his share of this new, group loan, Gerards wants to buy cloth for his tailoring business. He thus felt motivated to mobilize his colleagues, to form a development group called Nyanityobora Youth Development Association. They accepted the idea, and now the group has also succeeded in other development projects. They are requesting a loan, to help them by increasing their working capital for their different businesses.
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