Serge is a micro-entrepreneur, from Brazzaville, Republic of Congo, with his own small grocery story and restaurant in his home neighborhood. Serge joined HOPE Congo last year and is a member of the community bank group, DEVELOPPEMENT (1). Serge is the leader of a subgroup of six other micro-entrepreneurs, and he is currently on his third loan cycle with HOPE Congo. He would like to take out a small loan of 350,000 XAF in order to purchase additional merchandise such as drinks, sausages and canned food items.
Serge dreams of being able to have enough savings to diversify his businesses by running a chicken farm with several business partners. As the father of two, Serge hopes to support his young son’s dreams by sending him to a school specializing in football (soccer). Eventually, Serge would even like to travel to the Netherlands to learn about the poultry business.
More information about this loan
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.