Asmat also operates her own decorative embroidery business. She makes embroidery on suits and earns profit. Her clientele base is made up of women. She receives order from her neighbors. Her earning allows her to share the financial burden of her family.
She has successfully repaid two loans from Asasah (a micro-finance institute in Pakistan). Now she is applying for a loan again to purchase items (mirrors and paints and paint brushes) in bulk so her family can make more frames and make calligraphy and earn a good profit from it.
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