Shamim's husband is a motor mechanic, by profession. He is very experienced in his work and can repair every vehicle. His customers are very satisfied by his work and they leave their conveyance in the workshop because they have trust on him.
Shamim has applied for a loan from Kiva partner Asasah for her husband’s business. He will invest the loan in buying the latest repairing tools for his motor workshop and Shamim is very confident about his business success after this loan investment.
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