Her family lives mainly on farming, animal husbandry and sideline job is cooking wine to sell for shops in the village. Whereby, she also has more income to cover school fees for her children. However, feeding 2 children and paying for their learning cause her family life difficulties.
She needs to borrow a loan to offset tuition costs for her children, and she will try to find another job in order to have an amount to monthly pay on time for the institution.
Chuyen desires a loan because it will be a great help for her family and her 2 children to have conditions to study and have a brighter future.
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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This loan has been fully funded!