Hoa is 21 years old and married with a child. She lives and works in Thanh Hoa city, an urban area in Thanh Hoa province. For the past two years, she has operated a business sewing clothing. One of her most critical business difficulties is the lack of capital.
Hoa is the leader of the 02.07.02 Đông Hải solidarity group which consists of six members. She will use her portion of their group loan to purchase a sewing machine to sew clothing. This is Hoa’s first loan with Thanh Hoa Fund of Poor Women. She will use the profit from her loan to keep her family healthy and happy. Hoa hopes that her business will do well and that her child will do well in school.
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.