6-Quảng Hưng Group
As the leader of the 7-member group 6-Quảng Hưng, Minh is now requesting her 9th loan by Thanh Hoá Fund for Poor Women so she can continue expanding her business and supplement the family's income. Each group member will receive a 6.000.000 VND individual loan, but they are all responsible for paying back the loans of their fellow group members if someone is delinquent or defaults. Other group members want to expand their businesses. Lý N. Thị (age 31), will use the funds for her food stall. Phường N. Thị (age 45), Thường N. Thị (age 35), and Vân N. Thị (age 55), will use their loans to support their businesses raising livestock. Thu N. Thị (age 35) will fund her business raising crops, and Bắc N. Thị (age 45) hopes to grow her service-based business.
About Thanh Hoá Fund for Poor Women:
The mission of the Thanh Hoá Fund for Poor Women (FPW) is to provide sustainable financial services to disadvantaged women in rural areas in the Thanh Hoá province. Many FPW borrowers have recently expressed a desire to borrow larger amounts to make more significant investments in their businesses. In response to this, FPW has recently added a new loan product of 6.000.000 VND with a 20-month term to its Thanh Hoá City branch portfolio.
About Thanh Hoa Microfinance Institution Limited Liability (Thanh Hoa MFI)Thanh Hoa MFI works to provide credit to women and their families in the central Vietnamese province of Thanh Hoa, one of the poorest regions of the country. The institution's target clients are poor and low-income women who have the ability to work but lack the capital. Accordingly, Thanh Hoa MFI prioritizes single mothers, low-income women with children who have dropped out of primary school, and Viet Nam’s poorest women who cannot access any formal financial services.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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