La Richesse (2.3) Group
Since 2006, Jean Fortuné has been operating a cafeteria. He is now in his seventh loan cycle with HOPE Congo. He explains that one of his primary business challenges is the seasonal nature of his business. For instance, children are some of his primary customers, yet they have not returned to school, so his business has been slow as of late. By September, his cafeteria will be busy again when the children return to school.
He would like to use the requested loan proceeds to purchase a wider variety of food items for his customers, such as sausages. In the future, Jean Fortuné has dreams of opening a large restaurant and travelling more to select better ingredients for his customers. He also hopes to improve his family's living conditions and to eventually to save enough money to buy a vehicle which would allow him to have more flexibility in his regular travel around the Brazzaville.
About HOPE Congo S.A.: HOPE Congo S.A. is a start-up microfinance institution located in Brazzaville, Republic of the Congo. As of 2009, the Republic of the Congo was the 136th-ranked country in the United Nations Development Programme’s Human Development Index. The average life expectancy is in the low 50s and food insecurity poses a constant threat to ordinary people’s well-being. Through the creation of community banks, HOPE Congo provides credit, savings, and training for entrepreneurs in Brazzaville. With their services, they aim to nourish a culture of saving and an independent community of responsible and self-sustaining entrepreneurs.
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.
About Congo (Rep.)
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Success!! The loan was 100% repaid