Kanyanku Ugafode Group
Lydia is a married woman and a mother of three. Her main business is a beauty salon but she supplements with income from farming. She has only one child who goes to school since the other one is still young. She does all this with the support of her husband who encouraged her to start the salon business in 1999. Her main clients are basically women from around Rukungiri town. Lydia is determined to use the loan acquired from Kiva partner UGAFODE Microfinance Limited (MDI) to change her life and for her family by investing it in her salon business. She has secured a loan of ugx. 800,000 through the group in order to buy better driers and cosmetics to improve the quality of her services.
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.
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