The group members engage in different kinds of businesses, especially the buying and selling of underwear, African wax-print, firewood, fish, cosmetics, groceries, shampoo, conditioner, wigs, bananas, plantains, maize, fishing nets, cooking oil and charcoal. They have been in this type of small-scale commerce for several years and are highly sought-after.
In order to meet the growing need of their customers, the group members decided to join the ID-Ghana's loan program. They are on their sixth group loan.
Gladys is the featured borrower of the group and is very well known in Teshie, where she excels at selling fish, groceries and cosmetics. She plans to use her loan to buy fish, groceries and cosmetics to sell to her customers. She procures her goods locally and in Accra from wholesalers and makes her retail sales in Teshie for cash. She is married with two dependable children. She hopes to earn a good profit from this loan cycle which will be used for repayment of the loan and to reinvest in her business of selling fish.
The group needs a total loan amount of GHS 7,700 to be able to serve their customers best.
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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