Kimenyedde Womens Group, Kayunga
Racheal’s success story has made other people in her village strive to emulate her. It’s now 42 years down the road and her unwavering business spirit does not look like it’s getting frail any time soon. Instead, she has been emboldened more by the fact that she has managed to survive this long despite the fact that she operates in a rural setting.
Racheal is a widow whose determination to educate all her seven children has never wavered. As a result, all of them are in good schools around Kayunga. In a month, she makes profits to the tune of 400,000 shillings and, with this loan, she is hoping she will have the leverage to purchase more items for her retail shop: items like bags of sugar and salt, bars of soap, basins, cups and many more items that her clients have an inclination for.
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