I have few other members in my loan group. Abida P. requires a loan for her husband, who is a tailor and wants to start a proper shop of his. Mary S. needs a loan to pay for her ice-cream machine. Razia A. she wants to buy an additional cow for her business.
I am the group leader of this group because I hope to use my leadership skills that I acquired while teaching at a school and to ensure that the group remains cohesive.
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