Akuha Nomuha Group, Ibanda
Through doing this with determination and hard work, she has been able to make 300,000 Ugandan shillings on a weekly basis. She uses this money to meet her family's daily requirements including buying food and paying tuition fees. For a long time, her motive has always been setting up a bigger spare parts shop, as there is a ready market available. This would enable her to get more income to educate her child. Madina was introduced to this business by her uncle who was doing the same business. Through establishing good relations and saving more money, she was on track to open up her own store. Therefore, with this loan, Madina will restock her business and be able to earn more sales revenue.
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