Agahikaine Karungyi Parish, Kyenjojo Group
Wilberforce has had to bear a myriad of challenges, such as the lack of steady income. In a way, however, his business has remained active. This he principally attributes to the good working chord he has struck with his clientele.
In a week, Wilberforce says he makes more than 50,000 Ugandan shillings, a figure he admits will not substantively make his business see the light of day in the near future. He is therefore seeking a loan to lend countenance to his business. With this loan, he says he will be able to buy more garments and other forms of merchandise for his shop.
Wilberforce belongs to a group of nineteen members who support one another in paying back the loan.
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