Lynda is married, and her husband is employed as a handyman in a local shop. She is 27 years old. Together they have two children, a two-year-old boy and a six-year-old girl who attends school. Her younger sister looks after her toddler when she is away for business. She has found it difficult to find the right person to look after the children whilst she is away. They have no other sources of income.
Lynda faces a lot of competition in the local market and restrictions at the border on how much she can bring in. She often goes with other members of her group to maximize their personal import allowance. She will use the money she borrows to fill clothing orders she has ahead of the festive season. Lynda looks forward to expanding her business, buying a plot of land, and building her own house.
About MicroKing FinanceMicroKing's loans are guaranteed against institutional default (failure of MicroKing to repay Kiva lenders if the borrower repays MicroKing) by MicroKing's parent company: Kingdom Financial Holdings Limited.
More About MicroKing
This loan is administered by MicroKing Finance, Kiva’s first partner in Zimbabwe.
MicroKing’s mandate is to provide financial services integrated with advisory services and targeted training to the under-banked but rapidly growing Zimbabwean micro-enterprise sector. The intent is to mobilize the underprivileged as active agents in fighting poverty as well as to accelerate the country’s journey back to economic prosperity where Zimbabwe was once known as the “bread basket of Africa.”
Zimbabwean micro-enterprises are generally run by women and comprise a multitude of business types. Constraints on local production and manufacturing capacity have led to cross-border trading being the most common type of 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