For eight years now, Daniel has been earning his living by selling materials and also sewing for customers. He works from 7:00am to 9:00pm daily and is able to make enough profit.
This will be Daniel's eighth loan from ID Ghana, Kiva's partner. He used the previous loans to restock and he has successfully paid back all his loans. Daniel used the profit to pay school fees and he saved the rest with ID Ghana.
He will use this loan request, in the amount of GHS 1,600, to restock by buying enough materials to resell to customers. He will also sew some and sell the sewn materials.
Daniel is doing great. He is taking this loan, together with two other people. The members will hold each other accountable for repaying the total loan amount of GHS 3,200.
About ID GhanaID Ghana is a microfinance NGO that provides financial and social services to underserved urban communities in Accra. ID Ghana’s socially-oriented business model provides clients with a number of social services, including financial literacy training, group discussions led by peer educators on health and nutrition education, child schooling, basic medical services, and counseling and legal services for women victims of violence.
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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