Bisabyaba Ahmed's Group, Bugolo
B. has been a fisherman all his life; it's the only business he has ever known. He fishes from Kikondo, a landing site in Lugazi, and sells his catch to traders and business people. In a round of fishing, he can catch and sell 20 basins of fish for about $5 each.
Ahmed has his own boat, which he has been using all this time, and he hopes to buy another boat that he can hire out for more income. He is seeking his first loan from Pearl Microfinance so he can improve his business by repairing his fishing net and the lights on his boat.
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