Frank, who is in his early 30s, is single. He has been running a shop selling DVDs - movies and audios. He is also a music player (DJ) at private parties and ceremonies. Frank has been engaged in these activities for five years. He works from 8am to 7pm daily, but sometimes up to midnight hours, in case he has a music play job. He is able to make a good profit per month.
This will be his second loan request from Tujijenge Tanzania. With the previous loan, Frank restocked more DVDs-movies which resold to more customers. He has paid back his loan successfully. He used the return from the business to cover household expenses, and saved part of it, to reinvest in the business. He will use this loan to buy a business computer and restock more DVDs for resale. He dreams of being able to expand his business some day.
He will share this loan with his loan group, "Mt Ulunguru" which has12 members. They will hold each other accountable for paying back the loan.
About Tujijenge Tanzania
This loan is administered by Tujijenge Tanzania, which was founded in 2006. It has operations in Dar es Salaam, the coastal region, and the Lake Victoria region. The organization aims to reach out to micro entrepreneurs and provide them with financial and social intermediation services because capital is one of the major barriers to development and success for micro-enterprise initiatives in Tanzania.
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.