This loan will be used to buy items needed to increase the businesses' end products. For example, it will be used to purchase merchandise for stocking up the stores for the end of the year. It is hard to weather the sales competition if one doesn't have a good location and quality products, but the group members already have experience in this area and know how to stay afloat in their businesses and improve their profits. The members have experience in these types of groups because they have already worked with other institutions and understand the responsibility associated with this type of loan.
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