Shameem has applied for a loan from Kiva partner Asasah for her sewing business. With the loan investment, she will buy a new sewing machine that will allow her to finish the orders on time and earn extra profits. She is very experienced in her business and confident about her business success by purchasing a new sewing machine with a loan.
Note: In the photo, the lady holding a book called Asasah Passbook is Shameem.
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