Therefore, Nasira has applied for a loan from Kiva partner Asasah to help her son with the expansion of his business. With the loan, he will purchase fresh seasonal fruits to sell to his customers. He started this business about two years ago and it is going well for him. Nasira is hopeful that an investment will bring even more profits to him. She is a new loan applicant of Asasah. She hopes that it will be a good step for her son’s business.
Note: In the photo, the lady raising her hand is Nasira.
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