He also has a nursery where he displays purchased plants for resale. He has been doing this business for 13 years, now he wants to expand his business for which Tasleem has applied for a loan for the first time from Asasah. With the loan amount her husband will buy more plants and sell them at his nursery.
Tasleem hopes that with the help of an investment, her husband’s income will be increased which will help her to send her children to school.
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