Update on AsaadAsaad is a 35-year-old married father of two children. He is a Palestinian refugee, who has been working in the scrap trade business since 2010. His business is doing just fine, but needs an additional external support to develop it and increase his business capital.
Asaad also works in renting motorcycles, which is a requested service in his region. He used to work in renting and making necessary maintenance to bicycles, but he is working on developing another business sector to respond better to his family's needs.
Asaad is acquiring his seventh loan cycle from Kiva partner Al Majmoua, which he describes as his lifetime companion, to increase his hardware capital through buying more scrap and registering his truck to keep it legally working in the Lebanese territories.
Through his previously acquired loans Asaad declares he was capable of developing both businesses easily and this was reflected positively on his family's socioeconomic situation.
Previous Loan DetailsAsaad is 32 years old. He has been working in the bike rental business for 10 years. Asaad likes his work and wishes to secure himself a bright future. He always works on developing himself as well as his business. Asaad has a good credit history with Al Majmoua. His previous loan helped him… More from Asaad's previous loan »
More information about this loan
This loan is specifically designed for Al Majmoua's vulnerable clients, namely non-Lebanese such as Filipinos, Egyptians and Syrian and Palestinians refugees. These communities have been marginalized by the Lebanese government and society and do not enjoy the same opportunities in the work, educational, and health fields. By funding this loan, you are helping these individuals improve their businesses and provide for their families.
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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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Success!! The loan was 100% repaid