Forty-two-year-old Monic W. belongs to Ghokale group-Jinja. She has been overseeing her cattle and goat sales businesses in Ivunamba for 20 years. The happily married mother of 10 says she has been able to live within the ways and means of this business throughout this time. Yet, as with any other business, she has had to bear a lot of challenges, mostly the scarcity of clients during particular seasons. Monic also runs a modest grocery business that she says brings her supplementary profits. With this loan, Monic says she is going to buy more animals, principally cattle, that she says she will resell later.
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.