A very talented lady, Maqsoodan operates a clothes-selling business. She purchases clothes from different cities, such as Lahore and Faisalabad, and sells them to clothes shops. Now she receives orders from her neighbors as well and earns a good profit from them. She does this work to share the financial burden with her husband.
Maqsoodan's husband runs a grocery shop in the community. He has five years of experience and now his shop is renowned among his customers. He earns approximately 15,000 PKR from his grocery shop, which is a big support to his family. Maqsoodan is applying for a loan from Kiva partner, Asasah, to invest the capital in her husband’s grocery shop so he can purchase groceries in bulk and increase his profits.
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