This is her fourth loan that she is taking from Pearl Microfinance. Betty is glad to say that before she started getting loans, her income was so low, but now she is able to make a weekly gross profit of 200,000 Ushs.
She was able to increase stock in her shop that is located in Mityana as well as being able to buy more household items that are helpful to her family.
Betty needs another loan to be able to stock her shop with more products.
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