Gladys is 36 years old and she sells cosmetics. She is planning to buy more cosmetics to sell. She will resell her merchandise to both men and women. Gladys expects to make an average monthly profit of GHS 100, which will be used to meet the needs of her family. A portion of her profits will also be reinvested in her business. The group needs a total of GHS 2,050 to be able to expand their businesses.
About ID GhanaID Ghana is a microfinance NGO that provides financial and social services to underserved urban communities in Accra. ID Ghana’s socially-oriented business model provides clients with a number of social services, including financial literacy training, group discussions led by peer educators on health and nutrition education, child schooling, basic medical services, and counseling and legal services for women victims of violence.
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.
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