Kasojo Farmers Savings & Credit Group
Obadia buys and sells cereals. He has a corn milling machine. He started this business in 2005 with an aim of increasing his daily family income.
Obadia wants a loan of UGX 500,000 to buy more cereals. He buys the cereals and mills them. He hopes to expand his business by buying a motor vehicle to transport the corn flour from the village to the market.
His major challenge is the limited capital he has for his business. He also has difficulty getting vehicles to transport both the corn and the flour. He commends the lender for the efficient and timely provision of their services.
Attached is a photo of the group members, they are 15 because the local council chairperson who did not acquire a loan this cycle agreed to be part of the photo, he signed the waiver though.
More information about this loan
This loan is part of UGAFODE's program for clients who live in isolated rural areas with limited access to financial services. Uniquely, UGAFODE focuses its efforts on agricultural areas in Uganda that are over 50 km from their branches, providing loans to both groups and individual borrowers. The organization believes that the risk of offering services to remote clients is outweighed by the benefits to customers and their often underserved communities.
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