Mehmoodan has applied for a loan from Kiva partner Asasah for her sons business. With the loan, they will buy required items such as chickpeas, spices, cooking oil, rice & chicken in bulk quantities that will help them providing better quality services and food to their customers.
Mehmoodan is hopeful that an investment will make her sons business more profitable and will also expand their business on larger scale. She is a regular loan user of Asasah and this is her second loan application. In the previous loan year, she built a good credit behavior and never missed any meetings.
Note: In the photo, the lady with a book (called Asasah Passbook) is Mehmoodan.
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