Akbar’s family is very poor and her husband and son work very hard to support their family. They go to different areas of the city all the day to sell their snacks and make an income which, however, is insufficient for the whole family.
Akbar has applied for a loan from Asasah for her husband who will buy the snacks in bulk to increase his sales. She is hopeful that this investment will make her family’s life easier by increasing her household income.
Akbar also operates a little sewing business to help her family financially.
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