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1131480038 Group
In this Group: Alice, Ottilia, Belief, Ruvimbo
Alice is 42, married, and has four children aged 20, 17, 15 and 12. Three of her children are still of school-going age. Alice lives in Mvuma and her husband is employed by a local forestry company. She operates a business from a flea market in Mvuma where she sells clothing and formal shoes for both men and women. The clothing she sells includes men’s suits, women's suits, t-shirts, dresses, jeans, and blankets. She also receives rent of $25 every month from her tenant, which helps her supplement her income.
Alice used the loan she was granted to purchase suits for both men and women. The main challenge she faces in her business is that of high competition, high import duties at the border post, and high transport costs because she buys her products from South Africa. Alice is looking forward to operating her own shop in the next five years. She will then be in a position to pay school fees for her children and buy a residential stand.

Additional Information

About MicroKing Finance

MicroKing'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.

About Zimbabwe

  • $400
    Average annual income
  • 2
    View loans »
    Zimbabwe Loans Fundraising
  • $3,294,550
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A portion of 1131480038 Group's $1,600 loan helped a member to buy suits for both men and women.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 10, 2011
Listed
Nov 29, 2011
Currency Exchange Loss:
N/A
Ended:
Jun 30, 2012