Shahnaz's husband operates a horse cart through which he offers loading services to his clients and earns income for the family. He wants to buy a young horse because his horse has grown old and cannot run with heavy loading material on it.
Shahnaz has applied for a loan from KIVA partner Asasah to help her husband in his business. She is hopeful that by purchasing a young horse, her husband will be able to run his business better, offering better quality loading services to his customers and increasing his profits.
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