The organization group membership has increased from 400 groups to 520 groups in the last one year. Among the products offered by REEP, solar lanterns have been the most successful product because of their huge economic and social value: cutting down the recurring paraffin costs and carbon emissions.
Mr. Knox is determined to replace all the smoky unsafe candles and kerosene lamps among the members with the solar lanterns which offer bright and safe light and come with a mobile phone charging function. There is still a huge portion of the group without solar lanterns, so the demand is still very high for him to meet from his limited cash flow. Knox is therefore requesting a new loan to buy more lanterns for selling to the members. On the uploaded photo is Knox with Loice, a member of one of the new groups to join REEP. She has just purchased a solar lamp on a loan from REEP.
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To make repaying loans more convenient for borrowers, Kiva will accept "bullet payments" -- single lump payments -- at the end of loan terms, rather than weekly or monthly payments. This gives BrazAfric the ability to tailor repayment schedules to individual clients.
This Kiva loan will be used to provide borrowers with needed goods or services, as opposed to cash or financial credit.
Important InformationAside from its newly-established Vendor Financing Department, BrazAfric’s core business is not microfinance or finance. Thus, there is some level of additional risk for lenders that does not exist with financial institutions. Kiva’s partnership with the company is unique and unprecedented. For this reason, Kiva has not assigned BrazAfric a risk rating.
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