Patrick is a married man, aged 35 years, and he has four children. He stays in Rwere – Rwetondo ward. He has been a member of Rwere – Nyabihinga Kwebisaho Group and with UGAFODE Microfinance Limited (MDI) for over six years.
He got to know about KIVA recently, when he was advanced a previous loan with his group. At that time, he received a loan of ugx.1,500,000 Ugandan Shillings.
With his share of this new loan, Patrick is going to diversify his business of brick making, through adding value to the business. He is going to employ people to make more earthen bricks. This will help him provide service to the people around him, and also generate income to meet the needs of his family. Thanks to Kiva and UGAFODE, for giving this opportunity and helping the low income earners who have managed to engage in sustainable development.
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.