Azra has applied for a loan from Kiva partner Asasah for the further expansion of her son’s furniture-polishing business. With the loan, he will buy a furniture polisher and brushes in bulk, which will allow him to offer better quality furniture polishing services to his customers and increase his profits. Her son started doing this work when he was only 12 years old. Now he is an expert in his work. Azra hopes that an investment will bring positive changes to his business and improve his profits.
Note: In the photo, the lady raising her hand is Azra.
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