"C. Nguyễn Thị is a 54 year-old woman living in the town of Yên Phong - Bắc Ninh. C. is the group leader of a 7-member group loan offered by SEDA. While each member of the group receives an individual loan, they all are 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 Phố Chờ 1 nhóm 03 (3).
C. is married and has 2 adult children. To make a living, C. owns and operates a service-based business. The main source of income for the business comes from providing general services to local community members. C. has been engaged in this business for over 15 years and earns approximately 4,000,000 Vietnam dong (VND) a month from these activities.
In 2007, C. joined SEDA to gain access to financial services to help improve her living situation and ability to engage in business activities. C. has successfully repaid a previous SEDA loan of 4,704, 000 VND. This previous loan was used to purchase materials needed to expand services provided.
She is now requesting a new loan of 7,392,000 VND, which she will use to purchase materials needed to expand the services her business provides. This will be the fourth loan C. has taken out from SEDA. C. plans to use the additional revenue generated from the business to improve the general living conditions of her family.
About the Other Borrowers in the Group:
1. Phạm Thị Lý is a 59 year-old woman who is requesting a loan of 4,704,000 VND to support her business making and selling food.
2. Nguyễn Thị V. is a 48 year-old woman who is requesting a loan of 6,496,000 VND to support her business operating a specialized retail store.
3. Đặng Thị H. is a 37 year-old woman who is requesting a loan of 4,704,000 VND to support her service-based business.
4. Nguyễn Thị N. is a 41 year-old woman who is requesting a loan of 6,496,000 VND to support her service-based business.
5. Đặng Thị
About SEDA:The Center of Small Enterprise Development Assistance (SEDA) is a non-profit organization whose vision is to create “a society without poverty.” Founded in 2004, SEDA provides microfinance services to low-income and disadvantaged people in rural areas of Hanoi and the northern provinces of Vietnam through its Binh Minh Micro-Finance Program.
You can also join SEDA’s lending team to assist SEDA in continuing to support its portfolio of borrowers.
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