The main income of the couple is cultivation on two main industrial trees at local are high yielding cassava and coffee, therefore, it is just enough to eat and feed their two little children. Every year, she tries to save money to invest for the next seasons. She wants to expand the area of cultivation, but not have enough money to buy organic fertilizers to complete her desire.
She hopes this loan will improve her family income, and her children can have good living conditions. She will work harder and work for other families to earn money to repay for the Institution on time. She serves as a group leader.
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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