Tujijenge Uganda has been a MYC4 Provider for two months now. The statistics on the Tujijenge Uganda Provider Profile show that so far 20,179 euro has been disbursed in 28 loans to 22 businesses. So how come some businesses have received more than one loan?
Tujijenge Uganda is the first MYC4 Provider to offer group loans on the platform. In the group loan model, borrowers come together in small groups to guarantee each other in case of repayment difficulties. Sometimes the whole group borrows money at the same time, but often the members have different needs. To accommodate this and to tailor the loans to fit each individual borrower, Tujijenge Uganda divides their groups into sub-groups. As a MYC4 investor, you will therefore see that one group can have several loans open at the same time.
One example is Women’s Group Senior Quarters B. According to the group description, it “consists of 16 members who deal in livestock, produce and fishing. Their vision is to work hard and become self reliant farmers. They started as a small village group of 5 people but the group later grew bigger and organized. They are hard working and meet three times in a week. They want to purchase drugs for spraying their Animals and more fishing nets”.
The Senior Quarters B has been divided into three sub-groups:
- 9 of the members who mostly deal in fishing have received a loan of 1,189 euro, with each member getting between 89 and 149 euro. The loan has a payback period of 12 months.
- 4 of the members who mainly deal in livestock have applied for 594 euro to be repaid in six months.
- 3 of the group members who deal in livestock have together applied for a loan of 385 euro to be repaid in 8 months.