Mrs. Huyền has a business sewing clothes. She is applying for a loan to buy machines to make tailor-made clothing and do clothing repairs. Huyền has been involved in this business for five years. Huyền is 28 years old, married, and has one child. Huyền is the group leader of the 03.08.05-Quảng Hưng solidarity group, which consists of four members. Huyền lives with one dependent in Thanh Hoa City, a town in Thanh Hoa Province. This is Huyền’s first loan from Thanh Hoa Fund of Poor Women. The main hardship that Huyền faces in her business is a lack of capital. With her business profits, Huyền hopes that her family will be healthy and happy, that her business will do well, and that they can travel for vacation within the country.
About Thanh Hoa Microfinance Institution Limited Liability (Thanh Hoa MFI)
Thanh Hoa MFI works to provide credit to women and their families in the central Vietnamese province of Thanh Hoa, one of the poorest regions of the country. The institution's target clients are poor and low-income women who have the ability to work but lack the capital. Accordingly, Thanh Hoa MFI prioritizes single mothers, low-income women with children who have dropped out of primary school, and Viet Nam’s poorest women who cannot access any formal financial 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.