With the funds she received from Thrive she managed to grow her business and repay the loan together with her group. Svodai managed to buy a residential stand during her second loan cycle as well as meeting her routine household responsibilities. She is happy with the training she received from Thrive and also the encouragement she got from her group members during their meetings. During the second loan cycle, she also diversified into selling kitchenware in Gokwe, a rural area where she travels twice a month. In this third loan cycle, a Kiva loan will assist her in increasing her capacity to meet the growing demand for kitchenware in Gokwe and in turn produce enough income with which she can build her house.
About THRIVE:THRIVE Microfinance is a for-profit microfinance institution in Zimbabwe that was founded in 2012 by former Kiva Fellow Henry Bartram. The organization provides productive business loans that utilize the group lending methodology, lends only to women, and provides auxiliary training before and after loans.
The organization currently supports approximately 25 groups of women, with $190,000 outstanding. With Kiva’s support, THRIVE will strive to reach their goal of $350,000 by the end of 2014.
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