Elizabeth has owned a business selling clothing and providing salon services in Arusha since 1990. She is 38 years old, divorced, and has three children ages 16, 21, and 25. She works every day from 9:00am to 6:00pm and is able to make a monthly profit of approximately $300.
Elizabeth has taken out two previous loans through BRAC Tanzania. She paid both back successfully and on time. She hopes to use this current loan to buy more clothing at the bulk rate to then sell for a profit at her shop. She would also like to open another business.
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.