To making a living, Hiền is a woodworker, manufacturing and selling wood products to local businesses and community members. Hiền has been in business for over two years and earns approximately 3,500,000 VND a month.
In 2009, Hiền joined SEDA to gain access to its financial services. She has successfully repaid a loan of 6,944,000 VND from SEDA (this loan will be the third taken out by Hiền from SEDA). This previous loan was used to purchase wood and other materials. She is now requesting a new loan of 8,288,000 VND, which will be used to purchase more materials to expand her product offerings to such items as tables and chairs.
Hiền plans to use her additional revenue to improve and expand her business.
About the other borrowers in the group:
1. Loan is a 27-year-old woman who is requesting a 8,288,000 VND loan to support her business making furniture such as tables and chairs .
2. Phố is a 48-year-old woman who is requesting a 7,840,000 VND loan to support her business raising pigs and chickens.
About SEDA:The Center of Small Enterprise Development Assistance (SEDA) is a non-profit organization whose vision is to create “a society without poverty.” Founded in 2004, SEDA provides microfinance services to low-income and disadvantaged people in rural areas of Hanoi and the northern provinces of Vietnam through its Binh Minh Micro-Finance Program.
You can also join SEDA’s lending team to assist SEDA in continuing to support its portfolio of borrowers.
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