Georges is a micro-entrepreneur and a member of the community bank group BETHANIE (1) in Brazzaville, the Republic of Congo. Georges owns his own food stand, making and selling coffee and small food items. The leader of a small subgroup of 10 other micro-entrepreneurs in Brazzaville, George would like to take out his first small loan with HOPE Congo of 250,00 XAF. With this loan Georges hopes to purchase milk, sugar and spaghetti that he will make into a typical breakfast dish with beans.
Georges draws in clients by creating good relationships, showing them respect and providing good service. In the future he hopes that he’ll be able to grow and expand his business to the point where he is able to open multiple locations in Brazzaville. As the father of two children under the age of six, Georges dreams of being able to take care of his family and becoming financially independent.
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.