Kiringa Development 11 Group
Harriet has managed this second hand clothes business for quite some time now, and it has enabled her to pay tuition for all her children. She came to know about KIVA funds with UGAFODE Microfinance Limited. She secured a loan of 600,000 Uganda Shillings to boost her business, which she expects will help her serve more customers and increase her profits.
She thanks UGAFODE Microfinance Limited for helping her and giving her this loan to boost her business. She is excited to maintain the partnership along with her group members, as they were able to secure loans even without collateral.
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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