Rani started making artificial flowers a few years ago to support her family financially. She sells her flowers to gift shops and in the community as well and generates income for the family. She is very good at her art and gets regular orders. Rani will use the loan amount for repairing her son’s rickshaw.
A newly maintained rickshaw will run more smoothly and help her son to work for longer hours thus making him more money.
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