Muniran is a housewife, and remains at home performing her household duties. She is still very active at the age of 57 and performs her household duties very well.
She has applied for a loan from Kiva partner, Asasah, to expand her eldest son’s tailoring business. With the loan, he will buy a new sewing machine and thread that will allow him to fulfill larger orders on time. This will increase his profits.
He is very skilful in his work. Muniran is very hopeful that the loan will bring positive financial changes to his 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.
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Success!! The loan was 100% repaid