Shafiqan has applied for a loan from Kiva partner, Asasah, for her brother’s business. With the loan amount he will buy scrap in bulk quantities to minimize the cost of purchasing and to fulfill larger orders on time. Shafiqan is hopeful that her brother will make good profits from his business after making this investment. She is a regular loan user of Asasah and this is her 2nd loan application. She is hopeful that it will bring good changes to her family’s life and that their living standard will become better.
Note: “In the photo, the lady who has holds a book (called Asasah Passbook) in her hands is Shafiqan”.
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