With the hilly land of her family, she wakes up early and stays up late to care for bud tea trees, but it is just enough to cover food and her daughter’s education costs. Despite her efforts to feed her daughter by herself, she still has not enough money to improve quality of soil and improve crop yield with the hope to have money for her daughter growth-up and education.
She wants to borrow this loan to buy organic fertilizers for getting high yield from tea trees. Her family’s economy and 4 other members families will more develop with stable incomes.
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.
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