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Suomo 2 Group
In this Group: Leticia , Patience , Philomina, Grace
In the year 2009, four active ladies from Teshie who are into the sale of wax-print, vegetables, rice and kids’ wear, have been part of a group called Suomo 2. They intend to expand their existing businesses by taking a loan from ID-Ghana.

Patience is an energetic lady of 50 years old. She is married to a 53-year-old clearing agent, and they have three children. She is very active and always cheerful.

For the last six years, Patience has been running a wax-print vending business with the help and support of her husband. She purchases wax-print from the market and from the factory at the wholesale price.

She earns a monthly income of GHS 300 from her existing business, but that is not sufficient to manage the business expenses as well as the household expenses. So Patience wants to raise her income by increasing the volume of her business. Looking into the coming festive season, with the present loan she is planning to purchase some quality wax-print for selling. Patience assumes that this will definitely generate a handsome amount of extra income. She has a dream to save enough money for her family in a respectable manner.

The other three members of the group are Leticia with a rice business, Philomina with a kids’ wear business, and Grace with a vegetable business. They need a total amount of GHS 2,700 to improve their businesses.

Additional Information

About ID Ghana

ID Ghana is a microfinance NGO that provides financial and social services to underserved urban communities in Accra. ID Ghana’s socially-oriented business model provides clients with a number of social services, including financial literacy training, group discussions led by peer educators on health and nutrition education, child schooling, basic medical services, and counseling and legal services for women victims of violence.

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.

Tags

About Ghana

  • $3,500
    Average annual income
  • 23
    View loans »
    Ghana Loans Fundraising
  • $11,435,900
    Funds lent in using Kiva
  • 2.0
    Ghana Cedis (GHS) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A portion of Suomo 2 Group's $1,350 loan helped a member to purchase some quality wax-print for selling.
99% repaid
Repayment Term
7 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 27, 2013
Listed
Jul 7, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2013