Magezi Buggaga Lending Group
Lawrence has been a motorcycle mechanic in Kisoga for 7 years, and he has been a member of his lending group, Magezi buggaga, since its inception two years ago. He started getting loans in order to improve his business, and the loans taught him to save. He was able to buy a motorcycle of his own, which he uses a boda-boda (a bicycle or motorcycle taxi) to bring in extra income every day. He also started up a stall where his wife sells fresh produce and greens; this also helps to supply part of their household needs.
Lawrence is seeking for a loan to buy more materials for his workshop, including a tire pumping machine, screwdrivers, and many other tools.
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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Success!! The loan was 100% repaid