Nargis has applied for a loan from Kiva's partner, Asasah, to financially assist her second son. He is 24 years old and an expert in men’s clothes sewing. He has good business sense and behaves very professionally with his customers. With the loan, he will buy a new sewing machine which will help him produce quality work in a short period of time. He started this business five years ago and Nargis is confident that an investment will help him improve his business further.
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