Matondo (1) Group
With this money, Armel will purchase additional pharmaceutical items to sell at his shop, as well as drinks for his drink business and phone cards to sell at his new phone cabinet. All of these small businesses help Armel to support his family of two children, his wife, and his younger brother’s schooling. After starting with just a small table selling miscellaneous items, Armel is now bursting with ideas for the future and hopes to eventually move on to solely focus on drinks and opening his drink depot, selling in bulk.
Little by little, Armel dreams of saving enough to buy his own piece of land and build his family their own home and his children being able to finish school.
About HOPE Congo S.A.: HOPE Congo S.A. is a start-up microfinance institution located in Brazzaville, Republic of the Congo. As of 2009, the Republic of the Congo was the 136th-ranked country in the United Nations Development Programme’s Human Development Index. The average life expectancy is in the low 50s and food insecurity poses a constant threat to ordinary people’s well-being. Through the creation of community banks, HOPE Congo provides credit, savings, and training for entrepreneurs in Brazzaville. With their services, they aim to nourish a culture of saving and an independent community of responsible and self-sustaining entrepreneurs.
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.
About Congo (Rep.)
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