Classic Kiarutara Group
Esther,the group treasurer (pictured at the far right) was the first one to buy a solar lamp from VEP during a roadshow to their region. After experiencing the changes in her fuel budget and the quality of light, she promoted the lamp to a friend in the market who agreed to form a group and get the lamps on credit for their homes.Esther says since she bought the lamp, she has saved a lot of money previously used to buy kerosene and for mobile charging. Her children also started enjoying longer study hour which has led to improved grades. Esther and the group would like to see other families enjoy clean, convenient lighting while at the same time making money from the sale of those lamps
They have purchased different types of solar lamps from VEP on credit and with their sale, are confident the group will repay the loan from the profits and even take a second loan to expand the business
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