Kamuri Brick Makers Group
Degratious, aged 40, is a resident of Buhigore in Isingiro district. After his retirement from civil service, he started commercial farming in order to survive and also to cater for his family. This business grew and helped him to sustain the family and support his children's education. He later obtained a loan of 700,000 UGX from UGAFODE Microfinance which helped him to increase his business profits.
This motivated him to mobilize his colleagues to form a development group called Kamuri Brick Makers. This group is very determined to change each member’s life and has succeeded in many developmental projects but with a lot of challenges and that is why they are requesting loans. Degratious will use his loan to hire laborers to make bricks which are in high demand because so many people are doing construction these days. He expects the business to expand because there is a ready market.
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