Amtullah and her husband own & operate a vegetable selling business. They have a cart on which they sell their vegetable stock. They sell to their community. Amtullah helps him in this business and sells the vegetables in his absence. In this way they meet the financial expenses of their family.
Amtullah has applied for a loan from Asasah for their vegetable selling business. With the loan amount they will buy seasonal vegetables in bulk and be able to increase the amount they can sell.
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