This group hopes to utilize this loan to further their existing business ventures or create new operations in order to increase their profit levels. They want to buy 15 hectares of land in their native village and they will also need fuel for the tractor that will help them plow the land. Sales will be in the region. P. hopes that his relatives will support him to provide them with the possibility of starting their own businesses.
On behalf of P. and this group of business entrepreneurs, we would like to thank you for your support.
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