She applied for a loan from Kiva's partner Al Majmoua in order to improve her hairdressing business through the purchase of necessary creams and tools such as a hair dryer, wax machine and make-up set.
Zeinab, seated in the middle, is a 43-year-old married woman and mother of three children (Hawraa (f), 14 years; Fatima (f), 12 years; and Mohamad (m), 9 years). She sells beauty cosmetics and perfumes and is planning to expand her business by selling Brazilian Gold.
Iman, seated on the left, is a 32-year-old married woman and mother of two children (Abdallah (m), 13 years and Nancy (f), 9 years). She has been working as a hairdresser for the past eight years. She applied for a loan from Kiva's partner in order to pay for her son's tuition fees. She is planning to open a hairdressing shop to expand her business.
About Al Majmoua – Lebanese Association for DevelopmentThe Lebanese Association for Development – Al Majmoua is Lebanon’s leading microfinance institution and the oldest Kiva partner in Lebanon. Al Majmoua’s vision is to “be the leader in creating an inclusive financial system where all people in Lebanon have access to affordable services.” Given Lebanon's diverse population, Al Majmoua lends to all nationalities, provided legal residency. The strong financial position achieved to date has allowed Al Majmoua to steadily lower its pricing over the years.
Based on the belief that non-financial services play a complementary role in improving the quality of life of the most vulnerable entrepreneurs, Al Majmoua has established a solid Business Development Services program for both borrowers and non-borrowers with a focus on women and youth.
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