Chiaratou Eniola's Group
Chiaratou Eniola has worked for several years selling hardware items, and gets her supplies in a market in Benin and abroad. To increase her capital and satisfy her customers, she has requested and obtained a loan from Finadev. This loan will allow her to buy boxes of paint, screwdrivers, boxes of nails and rolls of wire. This will allow Chiaratou Eniola to expand her business and help provide for her children’s education. She is pictured on the left in the photo.
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