02.13.1.1Nam Ngạn Group
In 2009, Quyên joined T. 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. Quyên has successfully repaid a previous loan of 1.626.900 VND from T. Hoa Fund for Poor Women. This previous loan was used to purchase materials needed to provide her services. She is now requesting a new loan of 6.000.000 VND which will be used to purchase materials needed for her business. This will be her second loan from T. Hoa Fund for Poor Women. Quyên plans to use the additional revenue to improve the general living conditions of her family.
Quyên is the leader of a four member group accessing a loan offered by T. Hoa Fund for Poor Women. While each member of the group receives an individual loan, they 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 13.1.1 Nam Ngạn (02.13.1.1).
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