At Multibility Microfinance, we offer group loans to help facilitate the growth of SMEs ,entrepreneurs and businesses. The group loans are usually made without collateral to secure the loan. This is a proven technique that works by ensuring collection as a result of peer pressure in the group.
A group that repays a loan on time can get access to further funding and discounts. Members in the group are encouraged by the group leader to repay as it benefit the whole group. To qualify for such a group loan the following criteria is required:
- A Group Saving Accounts should be opened with any of our branches.
- This is solely for groups such as market women, artisans, hairdressers, seamstresses, tailors students, church group etc who are also to confirm their credit worthiness with a minimum membership period of one month.
- The group should consist of 5-15 people engaged in similar trading activities
- The accounts should be in operation for some time (Minimum one month)
- Loan granted for such scheme for the first application ranges from (GH¢500.00 to GH¢3,500.00)
- Terms of repayment of group loan are negotiable with our management.
- A member of the group should be responsible for the collection of the repayment.