Begum Amna's Group
She has four children, two sons and two daughters. Her eldest son runs his own barber shop. The younger one works in a local factory on a monthly wage. Her daughters help her in her sewing clothes business.
Begum owns a small home with two rooms. Her daughters are unmarried and she always remains worried for their marriages. She tries to work very hard to save money for their marriages. She is a regular client of Asasah (microfinance institute in Pakistan and a partner of Kiva). She has successfully repaid her three loans to Asasah. She is now applying, for the fourth time, to purchase an electric sewing machine to sew more clothes and to generate more income. She hopes to earn a good profit and plans to marry off her eldest daughter.
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