Parveen Akhtar's Group
She is a mother of five kids: two sons and three daughters. Her elder son is involved in a garment-selling business while her younger son doesn’t do anything. Her elder daughter does sewing works and other two don’t do anything.
Parveen has applied for a loan from Kiva partner Asasah for her elder son’s business. With the loan, he will buy childrens' and ladies' garments in bulk to stock his shop for increasing his sales. Parveen is hopeful that with the loan investment, her son will be able to improve the financial condition of his business.
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