Mumtaz is a very active and supportive lady. She sells bangles to different cosmetics shops. Her business is well established and the income she earns helps her pay the school fee of her children. Besides her business, she also manages her household responsibilities very well. Her husband operates a food stall business. He is known for the good taste and his good customer service.
Mumtaz has applied for a loan from Kiva partner Asasah for her husband’s business. With the loan, he will buy ingredients such as chickpeas, cooking oil and spices etc. required for making food to sell and earn better profits. He has been operating this business for the past 25 years and is hopeful that a loan will be even more profitable for him.
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