Big Vision Group
Teresa, the group chair (far left in the photo) is a small-scale farmer who grows maize, sorghum and millet. She runs a hardware store whose income contributes to the family needs such as food, school fees and taking care of their very poor neighbors. She joined Big Vision group early last year to empower her day-to-day life and business through affordable credit and to access solar lamps and cook stoves which proves efficient in her area since they save on fuel costs. Teresa had previously accessed her first loan with the group which she used to start up the business and has successfully repaid the loan.
This year, she sold her farm produce at good prices and used the money to meet the family’s basic needs. Income from her hardware business paid school fees for her two children in high school. After repaying the first loan, she came up with the idea of stocking the business with solar lamps and energy-saving cook stoves. She shared the idea with her fellow members who are also business people and they were ready to adapt the idea as well, having seen the opportunity that is presented by the scarcity of fuel for cooking and lighting in their region.This will lead to more income for them and their families. They opted for a loan from VEP to stock their businesses. Profits will be used to repay the loan.
More information about this loan
About Visionary Empowerment ProgrammeVisionary Empowerment Programme (VEP) is a nonprofit organization that empowers people to build their own enterprises through microfinance, training and other development services. In addition to providing loans to groups of borrowers, it works with established organizations to encourage installation of biogas digesters, solar energy products, clean cooking stoves and other technologies that reduce costs, poverty and greenhouse gas emissions.
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