Farzana has applied for a loan from Kiva partner Asasah for the expansion of her husband’s business. With the loan, he will buy the required ingredients to be able to prepare better quality food items and to serve more clients for better profits. Farzana is hopeful that the loan investment will help him expand his business and increase his profits. She is a new loan user and this is her first loan application to Asasah.
Note: In the photo, the lady with a book (called Asasah Passbook) is Farzana.
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