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Kikondo UG – BGB family recieves loan to expand project – 15 August 2018

The BGB family saved money with their VICOBA group for over a year and finally qualified to receive a loan. They used the loan to expand their pig pen.

Wamukisa helped establish the Zinabala VICOBA group and encouraged families to join. BGB was one of the families who started saving and investing with Zinabala. After several months of consistent saving, the BGB family qualified to apply for a loan.

Families must have credit, collateral, and proof of concept to qualify for a Vicoba Loan. They earn credit by consistently showing up to meetings, investing in shares of the group, and making saving deposits. Their savings and shares become their collateral when they apply for a loan. Families can then present a loan concept to the group. They must be ready to convince the group that their investment will pay off and enable them to repay their laon.

Mrs. BGB successfully complete all three steps and received a loan of 400,000 UGS ($ 110 USD) to expand the family pig pen capacuty from 2 to 3 pigs and buy a third pig. Each pig can be sold for 200,000 UGS ($55 USD) or more depending on how well the family feeds them.

The BGB family feels they are now using their small plot of land to its maximum capacity. They hope to sell their pigs and purchase more land so they can increase their income.