Ngangi Kwaterana Group
He started his business to get more income for educating his children, and his desire is to see them graduate with degrees. He faces a lack of capital to expand his farm plantation to a large estate. He hopes to buy a motorcycle to help him transport his milk to the market.
Richard is requesting a loan to buy farm inputs such as seeds and fertilizers. He is a member of the above named group in which each one guarantees the other to access 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