K. Sirag is 45 years old and a happily married father of six children. Over the last decade, he has achieved many of his goals through hard work in his retail trade business in Jinja. He began his retail trade business with capital earned from his earlier farming business. He also has a side grocery business. His retail business generates 80,000 weekly. Because of his strong work ethic, he has many old and new customers every day, resulting in the growth of his niche and profit base. He wants to be able to handle the operational cost of the business and meet customer demands, which sometimes inundate him. There are days and seasons when he cannot meet the high customer demand because of too few commodities. In the event that this happen in the future, he does not want to be caught off-guard. The acquisition of this loan will help a great deal by enabling him to restock. With this loan, K. will purchase more retail goods such as bags of sugar, salt, rice, cooking oil, and other items for resale.
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.