Recently, Teo’s business has been going through difficult times because of perceived high prices of her products in this time of recession. Additionally some of her customers fail to pay their tabs. She is working on ways to bring prices down a bit and additionally is trying to establish a greater level of control over which individuals may start tabs. Teo is confident that her hardworking nature and willingness to adapt will allow for her continued success.
Teo would like to use the loan to expand her business through purchasing more brewing supplies.
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