Her husband is a very talented man. He is involved in the embroidery business and runs an embroidery shop in the market. He crafts beautiful embroidery designs on clothes, and attracts many customers. Farhat is also involved in the embroidery business, but she makes hand-made embroideries on clothes while her husband uses a machine to embroider dresses. He uses an embroidery machine because he must finish his orders on time to satisfy his customers.
Farhat has applied for a loan from Kiva partner Asasah for her husband’s embroidery business. With the loan, he will buy another embroidery machine and hire a worker. This will help him complete larger orders on time as well as reach more customers. He has been in this business for past 5 years and Farhat is very confident about the future growth of her husband’s business.
Farhat is a new loan user of Asasah's. This is her first loan application.
Note: In the photo, the lady with a book (called Asasah Passbook) is Farhat.
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