Last year, she expanded cultivation area that requires more large costs, so her family has a shortage of money to buy organic fertilizer for crops. Mrs Hanh is the group leader of Hanh’s Group with 4 members. In addition to Mrs Hanh, the remaining members of the Group mainly borrow money to buy seedlings and vegetable trade.
With this loan, Hanh desires to have good conditions to take good care for her crop, to get high profit, paying debt and saving money in order to have a stable income for when she gets old and her health is not as good as before.
About M7-MFI:M7-MFI is a microfinance institution in Vietnam that is focused on serving poor women and ethnic minorities in the northern part of the country.
Serving more than 21,000 clients, M7-MFI provides savings and loan programs for a number of catalytic areas including vulnerable populations, education, disaster recovery, and water/sanitation. In addition, the organization regularly provides gender education and business consulting services, and builds homes for low-income clients.
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