Iman is a 52-year-old, married woman, who has been working in sewing and preparing hand-made souvenirs to help her husband in making their living and covering their two children's expenses.
Her acquired loan will be invested in buying a special, updated sewing machine that will make part of her work easier and faster. In the photo, she is on the right, with a veil covering part of her face.
As for the other members, Nada is a 50-year-old, married mother of three children. She works as a tailor and her applied for loan will be invested in covering some unexpected, urgent family needs. She is the one standing in the center of the picture.
And Rana is a 44-year-old, widowed mother of two. She works as a tailor too. Her applied for loan will be invested in paying her deceased husband's financial dues. She is the one wearing black, at the left.
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