She has now applied for a loan of 1,000,000 UGX to buy better and unique garments to meet the changing tastes and preferences of her customers. This will enable her to be more competitive in the market. Deborah is grateful to Ugafode for having funded her through the group even when she had no collateral, which is unlike other institutions. She is pledging that she and the group members will pay well to maintain the partnership.
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