YNM Family used the savings from their commercial and staple crop investments to apply for a loan from Zinabala and expand their local store.
Earlier in the year, YNM family applied for a 300,000 UGS ( $83 USD) loan to expand their commercial gardening area. Wamukisa supplied them with seeds on a loan basis as well. YNM succesfully cultivated and maintained their garden and paid back their two loans. This made them eligible for a new loan.
YNM family showed their dedication to repaying loans awarded by the group, in doing so, they expanded their trust within the group. While some members can put up collateral for a loan, many members put up their community trust as collateral. Essentially, VICOBAs act as a trust bank for the poorest of the poor. After YNM payback it’s the newest loan, they can be awarded an even larger loan.
YNM family is looking to expand their commercial growing further but are hindered by local land prices. Most smaller 100ft x 50ft plots can go for 4,000,000 UGS ($1,111 USD) which VICOBAs cannot provide a loan for.
Undeterred, YNM family is waiting patiently for the end of Coronavirus. With many people out of work, she doesn’t have a ready market to sell her vegetables. However, when the virus ends more people will be back at work and have money to purchase her products.