La Nueva Luz (The New Light) Group 1
Business can be hard because there is no electricity out in the country yet and he has to travel on dirt roads to and from his farm to sell the milk. Jose has successfully repaid 5 loans and is now requesting his 6th. With the loan money, he plans to buy more grain to feed his cows and also to invest it in agriculture on his farm.
Note: This is a group loan for 5 people.
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