Rutooma Tweyombekye2 Group
Mildred is a married mother with four kids; her husband is a teacher whose salary is not enough to maintain the family. She also takes care of her sisters’ two daughters who were abandoned by their mother.
Mildred runs a small drug store with limited capital. Besides that, she also has a small banana farm where she gets income to boost her drug store business. She applied for a loan of 1,200,000 UGX so as to add more capital to her drug store. She plans to use the rest of the money to pay school fees for her children and for basic needs in life since her husband's salary is inadequate.
Her major challenges are insufficient capital to boost her business and thieves who steal her bananas which affects her cash flow. Despite these challenges, Mildred has been able to provide good education and basic needs for her children.
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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Success!! The loan was 100% repaid