Kaneez's husband is a scrap dealer and supplies scrap to different factories and other dealers in the city. Kaneez has applied for a loan from Kiva partner Asasah for the further expansion of her husband’s scrap business. With the loan investment, he will buy scrap in bulk to be able to fulfill the needs of his customers and increase his income. He is very experienced in his business and has been operating it for many years. Kaneez is hopeful that his business will become a more profitable one after investment.
In the photo, the lady holding the book (called an Asasah Passbook) is Kaneez.
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