Hong was born in 1954. Her husband passed away. She has 3 children, all of whom have been married. Hong has been a farmer for 30 years. Her monthly income is only about VND 2,000,000. Her dream is having enough money to build a new house. Thus, to raise more income for her family, besides growing crops, Hong raises chickens and pigs to sell eggs and meat. However, she is facing the problem of capital shortage to invest in her farming business. Consequently, she would like to participate in this credit program to solve her financial difficulty. Hong has been a member of SEDA since 2006. This time, she would like to borrow VND 10,682,000 to buy piglets, chicks and animal fodder. Her profits from her business will be used to fulfill her dream, which is owning a new house.
Other members of Hong's group are:
• Xuyen is a 49 years old businesswoman. She has 2 children. She would love to borrow VND 7,630,000 to buy more fruits for her fruit shops.
• Sau is 54 years old. She is a distiller. She wants to borrow VND 11,118,000 to invest in her distillation workshop.
• Mai is a 47 years old businesswoman. She would like to borrow VND 10,246,000 to restocking her grocery shop.
• Hanh is 39 years old. She has 2 children. She wants to borrow 10, 246,000 to finance her family business, which is a clothes shop.
• Thanh is 28 years old. She has 2 children. She wants to borrow 10,682,000 to invest in her fish shop in a local market.
• Ngoc is 36 years old. She has 2 children. Similar to Hong, Ngoc, she wants to borrow VND 7,630,000 for raising poultry.
• Ton is 63 years old. She has 2 children. She would love to borrow VND 11,118,000 VND to invest in her breakfast restaurant
The Center of Small Enterprise Development Assistance (SEDA) is a non-profit organization whose vision is to create “a society without poverty.” Founded in 2004, SEDA provides microfinance services to low-income and disadvantaged people in rural areas of Hanoi and the northern provinces of Vietnam through its Binh Minh Micro-Finance Program.
You can also join SEDA’s lending team to assist SEDA in continuing to support its portfolio of borrowers.
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.