001-Quảng Hưng Group
In 2005, Huệ joined Thanh Hoa Fund for Poor Women to gain access to financial services to help improve her living conditions and enable her to engage in business activities. Huệ has successfully repaid a previous loan of 3,079,800 VND from Thanh Hoa Fund for Poor Women. This previous loan was used to purchase livestock to raise and sell. She is now requesting a new loan of 6,000,000 VND which will be used to purchase more livestock to raise and sell. This will be her eighth loan from Thanh Hoa Fund for Poor Women. Huệ plans to use the additional revenue to supplement her family's income. (32)
Huệ is the leader of a six member group accessing a loan offered by Thanh Hoa Fund for Poor Women. While each member of the group receives an individual loan, they are all responsible for paying back the loans of their fellow group members, if someone is delinquent or defaults. The official name of this borrowing group is 001-Quảng Hưng (18.04.001).
About the Other Borrowers in the Group:
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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Success!! The loan was 100% repaid