This will be Charity's Group’s seventh loan. The group is applying for a 5,500 GHS loan which will be apportioned among the group members. The proceeds will be used by them to buy and sell clothing, slippers, pomade perfume, bags of millet and rice, and underwear.
The group’s loan representative is Hannah, who is thirty years old, married and the mother of two children. For the past seven years she has sold clothing and slippers which she buys from the central market at wholesale prices and sells to her customers at retail in Dansoman. She will use her earnings to help her husband with the day-to-day expenses and needs of their family.
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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