Maryam is a seamstress, sewing clothes for her neighboring clients. She is very skillful and receives a good number of orders every month.
She has applied for a loan from Kiva partner Asasah for the further expansion of her sewing business. With the loan, she will buy a new sewing machine that will allow her to complete orders on time and earn more profit.
She is confident that after the loan investment, she will be able to increase her income and provide better living facilities to her family.
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