Glory Be To God Group
Eight years' experience in this business, where she offers mostly hairdressing services, has been worth every while, Rose says. Her proficient delivery of service to clients has been a calling card. The future prospects look good for Rose's business. This is the fourth time her group will receive a loan from Pearl. Weekly, her income totals 100,000 Ugandan shillings. Rose set forth in her business immediately after the completion of school. She also sells scrap metal to earn an extra buck. Rose says she intends to use her loan to purchase cosmetics for use at her salon, and the rest of the proceeds will go towards the purchase of a motorcycle.
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