Farzana sews clothes for her nearby clients. Her husband is a painter who paints walls, doors and windows to order and generates income. He doesn’t get regular orders and that’s why Farzana pays full-time attention to her sewing business so she makes suitable earnings to run her household finances.
Farzana has applied for a loan for the third time from Asasah, this time to improve her sewing business. She will buy an electric sewing machine which will help her to work more efficiently. She is hopeful that her business will be in a better position and that she will be able to increase her income.
In the photo, Farzana is showing one of her prepared dresses.
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