Total loan: $1,325
, , Rwanda / Agriculture
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Leonard's loan finished fundraising,
but these similar borrowers just need a little more help to reach their goals!
A loan helped To buy more fertilizers and pay labor costs during rice production.
Leonard is 48 years old. He would like to use his Kiva loan to support labor costs and buy fertilizers to use during rice production. He needs to buy fertilizer in order to increase his production. With profits from his farming he wishes to invest in his business so that in the future he can acquire machines and tractors that will enhance his farming capacity. The agriculture sector accounts for 37% of Rwanda's gross domestic product, generates 65% of Rwanda's export revenue, and employs approximately 90% of Rwandans (as of 2009). Despite the importance of agriculture to Rwandans and their economy, financial institutions view lending to fund agricultural activities as a high-risk proposition because the profitability of these activities is affected by weather, natural disasters, and price fluctuations. For this reason, farmers in Rwanda remain under-served by financial institutions. Urwego Opportunity Bank is expanding into this market and is happy to provide Kiva lenders with the opportunity to support Rwandan farmers.