To meet her family's financial expenses, she sews clothes for neighboring clients. She is a very hardworking lady who has had a very difficult time in life, particularly after the death of her husband. Now her eldest son also contributes to the family finances with his book selling business. He runs a shop in the market where he sells old and new books, including books for school children's classes.
She has applied for a loan from Kiva partner Asasah for her eldest son’s business. With the loan investment, he will buy books in larger quantities to sell to his clients in order to earn better profits. Surriya is hopeful that her son will make good use of the loan to improve 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