Chynygul Erkaeva's Group
Chynygul had good teachers in her teenage years. Her parents were well-skilled farmers and they imparted practical skills to her from the age of 16 onwards.
Chynygul and her husband run a family business. They cultivate agricultural products such as vegetables, grain and fruits. Almost 90 per cent of Chynygul’s harvest is potatoes. It’s probably the main vegetable, along with onions and carrots, in use in main meat dishes. The couple use their business profits to help cover the costs associated with their children and household.
According to Kyrgyz tradition, a religious ritual has to be organized in honor of a toddler. Chynygul would like to invite many guests and organize a grand ceremony, but she’s worried that she has a lack of funds. Chynygul’s monthly income is 4,000 KGS. She and her group members applied for this loan because they are in urgent need of funds, and they know how to spend them wisely. Chynygul would like to purchase seed potatoes, which are a significant part of her crop cultivation. In the future, she wants to expand her land and sow more products.
Where did this loan come from?
This loan is brought to you by Mol Bulak Finance, a young and ambitious socially-focused MFI in Kyrgyzstan. Mol Bulak Finance is strongly committed to the principles of sustainable development on the basis of the 3-Ps concept: People (building human capital and taking care of its customers and society as well), Profit (to be profitable in order to grow further), and the Planet (taking care of the environment). It is also the only MFI in Kyrgyzstan that delivers its services to customers 365 days a year. To learn more about Mol Bulak and view a video presentation about the organization, please visit: 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 – at www.kiva.org/team/kyrgyzstan. Members will get special updates and news from the Kiva Fellows in Kyrgyzstan and from Mol Bulak 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