Born in 1960, Patrick lives with his family (wife and four children) in Mabungo – Masya, located a few kilometers from Rukungiri Town District – Western Uganda. He is a sugar cane farmer as well as a vegetable gardener.
Appointed to be the secretary of Mabungo Tukorere Hamwe Group, Patrick has requested a loan on behalf of the group. It is the third loan that he is getting from UGAFODE Micro finance Limited (MDI). This loan is for buying chairs and tents for renting out .
As a group this loan will help to increase each one's income since they will share the proceeds from the rental 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.