Fausta has been a businesswoman involved in the sale of charcoal for four years now and she is able to make 20,000/= a week as profits. This has enabled her to look after her family. She also sells green bananas from the same stall and the strategic positioning of her business is key to its success. She strives to ensure that her businesses grow more to enable her to pay her children’s school fees until they are done with studies.
Fausta needs a loan as increased capital so as to be able to boost her business, especially to buy more bags of charcoal and green bananas to sell.
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