Erkingul proposed a business plan with a thorough description of resources needed for the business to start up. The main resource was Kanybek’s ideas and creativity. Starting with small wood items such as chairs, tables and window frames, Kanybek deepened into constructing doors, counters and cabinets. He even experimented with new raw materials for constructing monuments.
The circle of clients gradually became wider and the orders reached 20,000 soms. The initial capital was only 1,500 soms, and the monthly income reached 19,000 soms. It allowed the couple to buy an automobile, make major furnishings of the house and recently, they started building a small shop by their house. The requested loan will be spent on a purchase of required raw materials for new construction of pieces. Erkingul believes that everything done will be in the name of her 13-year-old daughter.
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 "P" 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