N. Jennifer is a 28-year-old hard-working young lady and mother of three. For eight years now, she sells all types of fresh fruits and produce such as yellow bananas, mangos, paw paws, pineapples, apples, oranges, pears, passion fruit, and Matooke that she sells to her customers in Kamwokya. She started very small with a few pieces of fruit for sale but now sells a variety, including matooke (green bananas). This has greatly increased her sales, hence more profit. She needs another loan to be able to buy more fruits and sacks and bunches of matooke for sale to her ever-expanding customer base. The benefits that have come from getting loans from Pearl Microfinance range from her family’s upkeep, community socialization, children’s welfare plus business development, expansion and continuity.
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.