Karya Mandiri 2 Group
He buys the shoes from a factory then resells them again at an affordable price. His business is the only place in the street that sells shoes which is an advantage for him over his competitors among the street vendors.
With the loan, he will rent a more permanent kiosk in the nearby market where he can run his business and add a greater variety of shoe types to his inventory. By doing so, he hopes to increase his income for the family and children's education. Suwandi will use this loan to increase the capital available to buy shoes and sandals.
Suwandi expects to be able to grow his business and generate more income which will allow him to have some savings in order to send both of his children to higher education.
About VisionFund IndonesiaVisionFund Indonesia is a Christian micro venture capital organization owned by Mitra Masyarakat Sejahtera (MMS) and Wahana Visi Indonesia. Founded in 2000, VFI operates in both Jakarta and Surabaya, the two biggest cities in Indonesia. VFI targets the entrepreneurial poor who have existing microbusinesses for at least 6 months and have no financial access to commercial banks. VFI also provides microinsurance for all clients through a partnership with Allianz insurance company. With nine branches as of 2011, VFI hopes to expand in order to reach underserved microfinance markets in other islands of Indonesia.
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