In her shop, Mary sells food and refreshments. As a result, she makes 200,000/= ("/=" is the symbol for Ugandan shillings) in profit each month. She has a strong plan too expand her shop to earn more income for her children’s continued education and general upkeep.
She needs a loan to help purchase more stock for her grocery shop. She is 48 years old and divorced. Her hard work has benefited her and her family a lot.
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