Monica W., 43, has an easy-going demeanor that has been of paramount importance in helping her strike a chord with clients. Monica, who belongs to Ghokale Group-Jinja principally sells goats and cattle in Lvunamba. This happily married mother of six has been doing this for the last six years. Before that, she was more involved in a grocery business. Though she still operates it, the grocery now plays second fiddle to her more lucrative goat and cattle sales businesses. In a week, she makes 100000 shillings. With this loan, she reckons she will be able to buy more goats and cattle for resale and increase her business profits.
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.