So to help her husband, Laraib has been running a beauty salon for the past two years. Laraib wants to increase her business by purchasing some more cosmetic products and chairs for her beauty salon. As a member of a 10-person lending group, Laraib has requested a loan from Kiva's partner BRAC Pakistan. When she earns a profit, she will first repay the loan and then she will save to build a new room in the salon, as the space in the salon is too crowded. She hopes that her business grows more and she is very thankful to both BRAC and Kiva.
Note: In the picture, Laraib is carrying a passbook in her hand.
More information about this loan
BRAC Pakistan focuses its work in some of the most underdeveloped parts of Pakistan, characterized by poor infrastructure and high levels of poverty. By supporting this loan, you are enabling access to finance for borrowers living in some of Pakistan's poorest areas.
About BRAC PakistanBRAC Pakistan is a subsidiary of BRAC, one of the world’s largest development organizations with a focus on microfinance and economic empowerment. It offers micro-loans designed to help small businesses, very poor clients and others, in addition to health and education services. Kiva’s flexible, zero-interest capital will enable BRAC to expand its outreach in underserved regions and to women who have had no access to microfinance services.
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