Namyoya Group, Mukono
Ruth is mainly faced with the challenge of inadequate funds to boost her businesses, and this is why she joined her lending group. She hopes for her children to remain in good health although most of them are no longer in her care. Ruth needs a loan to re-boost her businesses, especially those that sell more during this festive season, such as the poultry business and farming so as to transport her produce to the market.
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