Sumber Bunga Group
Update on Sumber Bunga GroupTo improve the relationship and business progress, the Sumber Bunga group is always exchanging information among members about the development of pig breeding. In group meetings which are held once a month, they always exchange information so that they can implement a way to raise pigs properly and correctly.
By maintaining superior pigs, Wayan earn a satisfactory profit. The extra money could be set aside for business capital and savings. By raising pigs, Wayan is able to boost the economy and help improve her family's income for the welfare of her family.
The Sumber Bunga group will receive a new loan, but it is a bigger amount. The group has the same members. The loan is still being used for increasing their pig business. Beside purchasing piglets, they will also use the loan to renovate the cages and buy feed.
Wayan will use her loan to purchase three superior (good quality) piglets for fattening and will sell them five months later. Money for her daily needs comes from her husband. Her husband is really happy about that. He support his wife’s business by maintaining the pigs and feeding and washing the cages every afternoon. Wayan and her husband hope the business will succeed.
Previous Loan DetailsWith the same loan, the Sumber Bunga group continues borrowing through Kiva. In addition to developing the business by buying piglets, loans were also used to buy feed and fix the cages. From the previous loan, they were able to save for working capital. The new loan will be used to develop the… More from Sumber Bunga Group's previous loan »
More information about this loan
This loan is part of MUK’s effort to reach small business owners in rural areas of Bali in Indonesia. Borrowers often lack collateral to be eligible for working capital loans and are located in areas where access to microfinance is limited. MUK organizes borrowers into groups that cross guarantee one another, allowing them to qualify for a loan. By funding this loan you are providing underserved borrowers with crucial capital to sustain their existing businesses.
About Koperasi Mitra Usaha Kecil (MUK)This loan is serviced by Koperasi Mitra Usaha Kecil (MUK), a microfinance cooperative headquartered in West Bali, Indonesia. MUK’s mission is to provide chronically poor people in Bali with opportunities to improve their lives, while raising social awareness of economic and environmental issues.
Most MUK clients live in rural settings on less than $1.25 per day. MUK’s financial products are targeted to clients’ productive activities including small businesses, farming, and livestock rearing. MUK supports clients with training in household budgeting, livestock rearing, and small business management.
MUK provides services to clients of all races and religions. For more information about MUK, please visit its partner page. Also, consider joining MUK’s Kiva lending team, Friends of Mitra Usaha Kecil.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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