Her husband has a job in an organization. His income is not enough for the whole family, and that’s why Azra started her business a few years ago. She has applied for a loan from KIVA partner Asasah for further expansion of her business. With the loan investment she will buy some embroidery materials that will allow her to provide better services and products to her clients and increase her income.
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