Kanyamutwe Women's Grp Group
The money he has been getting from UGAFODE Microfinance Limited (MDI) helped him to start a small retail business which he has managed to grow into a big shop. He has also ventured in the coffee trade and a piggery business. When KIVA partnered with UGAFODE Microfinance Limited (MDI), he learned about it and became educated about such funds and was interested because he would be partnering with so many lenders.
He secured a loan of ugx.1,000,000 Uganda Shillings through the group, which he expects to help him improve and expand his businesses by buying several daily house hold use items needed by his customers. He is a committed client, hard-working, and married with nine children.
He is confident he will be able to educate all his children, which he wouldn't have done without the financial boost from Ugafode.The extra two people are group members who have signed the waiver but are not taking the loan this cycle.
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