Masimkan T., 54, is a leader of this group. She is divorced and lives with a young grandson. For last ten years she’s been doing a small business by offering sewing services. In the beginning she was offering just small services in repairing of clothes. Later she applied for her first loan from Kiva through its Kyrgyz partner, Mol Bulak Finance. It really helped her to promote her business and to realize her new ideas. She brought new innovations into her clothing industry. Step by step she transferred to designing national clothing and to set her level of qualification higher. Soon she tended to have permanent customers ordering new designs on a regular basis.
With her second loan from Kiva, Masimkan plans to purchase new high-quality fabrics and to design new styles of outfits. Every month she gets income of 7,000 soms, which she spends on daily needs for herself and her grandson. A portion of her profit is reinvested back into the business and the rest is saved. Masimkan was very happy when she saved enough to purchase home electronics and to send her son to Russia to find a permanent job. For Masimkan, this is a second loan offered by Kiva, so she is sure she’ll do her best to repay the loan on time, according to the schedule.
--- Where Did This Loan Come From? ---
This loan is brought to you by Mol Bulak Finance (MBF), a young, ambitious and socially-focused Microfinance Institution in Kyrgyzstan.
MBF is strongly committed to the principles of sustainable development and upholds the triple bottom line – People (building human capital and taking care of its customers as well as society), Planet (keeping environmentally friendly) and Profit (earning revenue to expand autonomously). MBF is the only Microfinance Institute in Kyrgyzstan that delivers its services to customers 365 days a year. To learn more about MBF and view a Video presentation about the organization, please visit: http://www.kiva.org/about/aboutPartner?id=135
If you would like to support and learn more about Kyrgyzstan and microfinance in Central Asia, please join our Lending Team - Supporters of Kyrgyzstan – Mol Bulak Finance at http://kiva.org/team/kyrgyzstan. Members will get special updates and news from Kiva Fellows in Kyrgyzstan and from the MBF staff.
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