28-year-old N. Slyvia was selling clothes before she had a change of mind and ventured into her current hardware business at the Naluvule trading center in Kampala. That was almost a decade ago. This mother of 4 says that with the passage of time, she has gone through a mill of chequered experiences in running her business. These experiences have both been positive and negative but being the upbeat person that she is, she has chosen always to make the best out of her bad situations. Monthly, she says this business generates for her 500,000 Ugandan shillings in profit. She says that with this loan she is going to purchase more bags of cement and metallic doors to resell. She is looking at the prospect of better sales revenues after she makes those purchases.
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.