Sombang Lestari Group
Update on Sombang Lestari GroupThe Sombang Lestari Group's new loan is for the same amount as their last loan and for the same members of the group. They need a new loan for their businesses because they have a strong will to become successful pig breeders. The loan will be used to improve their business by purchasing superior piglets or a sow. The group can pay off the whole loan on time, and they can sell the pigs for a good price. The price for pork is about 25,000 IDR per kilogram.
Ni Kadek, the head of the group, maintained three pigs and they all sold. She gained a profit of 750,000 IDR after deducting the cost. She is really grateful for that. Now she can use the profit to renovate her house a little bit and support her children's education. During the last loan period, she did not have any problems. All of the pigs grew well. She thanks the lenders, Kiva and MUK, for supporting her business.
Ni Kadek will use her new loan to buy three superior piglets for 300,000 IDR a piece. She has a plan to maintain them for fattening. She hopes MUK and Kiva will always support her and the group, not only with the loan but for training. Ni Kadek sits in the front row, second from the right.
Previous Loan DetailsLiving in rural area, far from the big city, Ni Kadek spends her daily life as a farmer and pig breeder. Living with her husband and two children, Ni Kadek works hard to fulfill her family's needs. With the Sombang Lestari group, she is receiving a new loan. Ni Kadek will use her loan to… More from Sombang Lestari 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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