I have many friends in my neighborhood and they all are the members of my loan group. All of us have taken two loans from Asasah, a microfinance institution and invested in our businesses. My group members are: Zainab B., who sells milk to her clients from nearby villages; Anum B. and her husband, who buy milk from various providers and sell it in a nearby city; Zohran B., whose husband operates a restaurant; and Mukhtar B., who also raises livestock and sells milk. They all are hardworking entrepreneurs and play an important role in bringing income to their families.
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