Emmanuel is a micro-entrepreneur in Brazzaville, the Republic of Congo, and the proud owner of a small business selling wood and coal. With six children to support, four of whom are still going through school, Emmanuel has looked to help increase his means of income in recent years. In 2013, Emmanuel discovered and joined HOPE Congo, and is now leading a group of 9 other micro-entrepreneurs within the community bank group KELIAM (2). Emmanuel is currently on his 4th loan cycle with HOPE Congo, and is hoping to take out a loan of 450,000 XAF to help supplement his wood and coal business and to launch a new business activity selling drinks.
In order to gain clients, Emmanuel lowers his prices and rotates his stock. He dreams of one day being a true businessman and opening his own grocery store. In the future, he hopes that his children will finish their education and be able to live well.
About HOPE Congo S.A.: HOPE Congo S.A. is a start-up microfinance institution located in Brazzaville, Republic of the Congo. As of 2009, the Republic of the Congo was the 136th-ranked country in the United Nations Development Programme’s Human Development Index. The average life expectancy is in the low 50s and food insecurity poses a constant threat to ordinary people’s well-being. Through the creation of community banks, HOPE Congo provides credit, savings, and training for entrepreneurs in Brazzaville. With their services, they aim to nourish a culture of saving and an independent community of responsible and self-sustaining entrepreneurs.
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.