St Veronica Group
Mary intends to use her portion of the loan to buy soda, salt, cooking oil, paraffin and soap to sell. She is a member of St. Veronica's Group, whose members guarantee each other's loan repayments.
Important InformationThis loan provides farmers and low-income entrepreneurs from underserved rural areas with access to financial services. By supporting this loan, you allow more farmers and rural entrepreneurs to access capital.
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