Mumtaz has applied for a loan from Kiva partner Asasah for the further expansion of her boutique business. With the loan, she will buy clothes in larger quantities that will allow her to make more dresses with new designs and to improve her sales and profits. She has been operating her business for the past 5 years and she is confident that after the loan investment, her business will be improved further and make her a better income.
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