55 year old M. Latin has been operating his 10 year old retail business in Jandira-Mpigi .Out of this business which earns him 280,000 shillings a week; he has given his family an improved lease of livelihood. He has given all his children that one requisite foundation for success in life- Education. His business has been succeeding due to his cultivated sense of determination and resolve, especially in the face of seasonal business adversity. He is married and has 8 children. He began working as a taxi conductor. He also ekes out profits from his farming business. With this loan, he wants to buy more retail stock for his shop. He wants to buy in bulk retail; items like crates of soda, sugar, salt and soap that he will at length resell.
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.