Myrna is the group leader and the featured member of the group; she is the first from the right. She is a 46-year-old, the single mother of three children. Her children are still living in the Philippines and rely on their mother's salary to live through the month. The father of her children does not contribute to the financial needs of the family, which makes her the family’s only financial provider. For this reason, she needs the Al Majmoua loan to start a new business to earn extra income. She will start selling clothes, watches, silver and Brazilian gold, in order to be able to send extra money to her children, who sometimes have urgent spending needs.
Salvacion is a 48-year-old, the married mother of three children. She is the one in the middle. Her husband is unemployed, which makes her too the only financial provider for the family. She needs the Al Majmoua loan to send it off to her family in the Philippines.
Sunshine is a young lady of 22. Her retired parents are in dire need of financial assistance. This is why she decided to apply for the Al Majmoua group loan.
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