Kosar has applied for a loan from Kiva's partner, Asasah, for the growth of her husband’s business. With the loan, he will buy masonry tools to provide better quality services to his customers and earn better profit. He has been doing his business for the past 10 years and Kosar is hopeful that, after the loan investment, her husband’s business will be well established and her family will have more financial security as a result.
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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