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Chung's Group
In this Group: Chung, Vân, Thái, Nga, Hem
Mrs Chung, from Thai ethnic community, is one of the first members of M7-MFI who joined in the organization in January 1st 1994. Her family consists of 3 members. In addition to her are her husband and her son. Her son is an apprentice.
Her family lives mainly on cultivation and breeding so the annual income is just sufficient for a normal life. Currently, there is an increased cost when her son is at apprenticeship; it causes more difficulties for her family. Therefore, she is looking to borrow amount of money to pay for his education fees. She will try to do breeding and cultivation to have money to pay for loan on time.
Chung is the group leader of Chung’s Group. This group consists of 5 members with different purposes in borrowing loans such as buying fertilizer, breeding in farm. But members are all loyal, working with the organization for many years so M7-MFI is fully confident on their on-time payment as well as trust they will have better lives after each efficient loan use.

Additional Information

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.

Tags

About Vietnam

  • $725
    Average annual income
  • 114
    View loans »
    Vietnam Loans Fundraising
  • $13,737,100
    Funds lent in using Kiva
  • 21,052.6
    Vietnam Dong (VND) = $1 USD
Paying Back

This loan has been fully funded!

A portion of Chung's Group's $3,325 loan helped a member to pay for her child's education fees.
97% repaid
Repayment Term
17 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 5, 2014
Listed
Apr 11, 2014
Currency Exchange Loss:
Possible