Migina Tukore Hamwe Group
Grace gives the business an average of seven hours per day. She also has additional income from produce business which she started to have additional income. She does the banana trade business in her local cell and her major clients are both the rural people and the urban people. Grace applied for 500,000 UGX to be able to buy more produce so that she can have more income and hence more profits which will help her cater to her family's needs. Her major challenge is price fluctuation, which she says sometimes causes her losses. However, she believes that if she continues to be the goal-oriented person she has always been and gets loan funds from Ugafode, she will be at the same level with other people in her area.
More information about this loan
This loan is part of UGAFODE's program for clients who live in isolated rural areas with limited access to financial services. Uniquely, UGAFODE focuses its efforts on agricultural areas in Uganda that are over 50 km from their branches, providing loans to both groups and individual borrowers. The organization believes that the risk of offering services to remote clients is outweighed by the benefits to customers and their often underserved communities.
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.
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