Koranorya Tweyombekye Group
He later obtained a loan of UGX 400,000 from UGAFODE, which helped him to prosper. That success motivated him to mobilize his colleagues to form this group, called Koranorya Tweyombekye, a development group. This group has succeeded in other development projects. Now, they are requesting a loan of UGX 3,400,000, to help them increase their working capital for their respective businesses. They are hardworking people and are pledging to maintain the partnership. Dickson will specifically buy a bale of used clothing, if the group is given the loan.
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