Busaana Development Group, Lugazi
It’s now stretching to a decade since Alex began his fish-selling business in Busaana, Lugazi. He describes himself as a hard-worker with a purpose. He was previously getting his livelihood from a farming business.
Alex supplements his weekly profits of 150,000 shillings with additional money from his commercial motorcycle business.
Under the auspices of this loan, Alex wants to renovate his boats and also buy new fishing nets. His future plan is to own over ten boats.
Alex says that since he joined Pearl Microfinance for loans, he has benefited by completing the construction of his family house.
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