San Miguel Group
The members know that there is great competition in the market, especially in the commercial area where prices vary according to consumer demand and where one must have a product that is needed and at a low price so that it can be considered competitive. For this reason, the members have determined the destiny of the funds raised from Fundacion Agrocapital will be to purchase better materials and components in order to have competitive, good quality products so that they may increase their revenue and better their families’ quality of life.
For the majority of this group, working within sympathetic groups is a new experience, but each is conscious of the responsibility and the hard work that needs to be done in order to fulfill their obligations, especially to the group.
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