Margaret, who is in her early 50s, is single, with no child. She has been selling African wax-print fabrics, sandals, and ladies' slippers for three years now. She works from 8 am to 5 pm, walking from door-to-door every day and she is able to make a fair monthly profit.
This will be Margaret's sixth loan from ID Ghana, which she wants to use to buy African wax-print fabrics, sandals, and ladies' slippers to sell to customers.
Margaret will share this loan with her colleagues who will hold each other accountable for repaying the loan. The entire group will need a total of GHS 4,300 to invest into their businesses.
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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