Tumbuh Kembang 11 Group
Umi is married with three children. Her children are 10, 8 and 4 years old and they all attend school. Her husband works as a handyman. Umi likes making martabak and is happy to contribute to the economical well being of her family. Until now, her business has faced a few challenges including competitors in her area and lack of access to capital. But now that she is getting a loan, she does not need to worry about a lack of capital to grow the business.
The other group members will use their loans to help grow their businesses, which are selling nasi uduk (Indonesian coconut rice), selling snacks for children, and running a store selling food at a school.
About VisionFund IndonesiaVisionFund Indonesia is a Christian micro venture capital organization owned by Mitra Masyarakat Sejahtera (MMS) and Wahana Visi Indonesia. Founded in 2000, VFI operates in both Jakarta and Surabaya, the two biggest cities in Indonesia. VFI targets the entrepreneurial poor who have existing microbusinesses for at least 6 months and have no financial access to commercial banks. VFI also provides microinsurance for all clients through a partnership with Allianz insurance company. With nine branches as of 2011, VFI hopes to expand in order to reach underserved microfinance markets in other islands of Indonesia.
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