Her husband's name is S. M.. He is a painter by trade and paints walls, doors and windows. People hire him by making a phone call and he gets his income after completing the work. He also has contracts with different construction companies and works for them by painting their buildings to earn an income for his family. His business is going well but he wants to buy a variety of colors of paints to start a painted boxes sales business as well. In this way, he will earn a good profit when he doesn’t receive any painting orders from his customers.
Therefore, Nagina has applied for a loan from Kiva partner, Asasah for this purpose. With the loan amount her husband will buy the paint boxes of different colors and increase the income by selling them. Nagina is very supportive in nature and always willing to help her family in making their life easier. She is hopeful that her husband will get good profits by starting his paint selling business after making this investment.
Note: “In the picture, the lady who is raising her hand is Nagina”.
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