For our 23rd loan we decided we should help some guys, because our stats show we've been primarily lending to women lately. Well we don't want to appear sexist.
This loan will be paid back over 8 months. Because it's a group loan the risk of non payment is lowered, or so I'm told on various lender's forums. Not sure if it's true, because we've never experienced a non payment.
Here's the low down on one of the gentlemen we're lending to:
"This is 34 year old Mutizwa from Mutare, the capital of Minicaland province in Zimbabwe. He is married and has five children, four attending school. Mutizwa runs a retail business of selling clothes. The business has been in operation for 13 years. He says the main challenges faced are high customs duty on clothes. Mutizwa has requested a loan of $150 to buy more clothes for resale. He says the extra income generated as a result of this loan will allow him to improve the family's welfare. In the future, Mutizwa plans to open a clothing shop in the central business district."