Monica has been able to benefit from her work because she feeds her birds on time, ensures that they have the best quality feeds, and above all, knows how to plan for the money she gets from her sales. As a result, Monica has been able to buy a sewing machine, which she uses to mend and make her customers’ clothes. She has also bought more household items. Monica also manages her small garden, where she grows food that is mostly for home consumption.
Monica needs a new loan to help with buying more day-old chicks to rear, plus feeds.
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