Loyce is a single mother who divorced from her husband due to family problems. She is operating a grocery in a busy market and has three children. She struggles to take care of the children and other family necessities since she does all this single-handedly. She requested a loan of UGX 500,000 to help her add more stock of groceries in her business and use the rest of the money to pay rent and tuition for her children. Her major challenge is lack of a permanent place of work since she is still renting which affects her cash flow. She is a hard working lady striving hard to provide a good future for her children.
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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Success!! The loan was 100% repaid