Kayunga Market Women's Group 2, Kayunga
Ssenoga’s star has been shining ever-brighter in the last seven years because he has owed it to himself to strike a chord with his clients using not only with his sense of humor, but also his good relationship skills. His success, however, all boils down to his diligence and steadfast entrepreneurial spirit.
This happily married father of six says he began his business with savings from his former fishmonger business. In a week he makes 80,000 Ugandan shillings as profits. He also operates a commercial motorcycle transportation business commonly referred to here as boda-boda.
Ssenoga’s reckoning is that this loan will come in handy to financially help him to buy more bananas to sell and also to pay for repairs to his motorcycle.
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