Bugongi United Savings And Credit Group D-Kihihi
It is from his small farming business that this happily married father of two was able to set the balling rolling to create his current retail business. Hard work is what Julius is known for, and his diligence has been bringing in dividends.
Julius sells a wide range of general merchandise retail items such as sugar, salt, beans, rice, etc. He does not have many of the aforementioned commodities in bulk, however, and he often runs out of stock because his operating capital is not yet at a sustainable level.
Monthly, this business generates him 200,000 shillings, and with this loan, he says he is going to purchase more beans, bars of soap, sugar, etc., to resell.
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