Alice N. is a very hardworking lady with a business selling women's, men's, and children's clothing in her locality. She is so grateful for the loans from Pearl Microfinance because she has been able to increase and build her capital as a result. Now school fees are no longer a burden because of the profits she makes selling a variety of high quality skirts, blouses, shirts, trousers and dresses.
She is seeking a loan to be able to buy more clothes to sell. She believes this will fetch her more income in preparation for restocking for the Christmas season.
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