Hung has supported his family through a weaving business making textiles since 2009. He is the group leader of a 7-member loan group that live in Ho Chi Minh City. In the picture he is in the middle of the photo wearing a white T-shirt.
Each of the other group members request a loan to fund income-generating activities. Hung requests a loan to purchase a larger quantity of raw materials and fiber to increase his production of textiles. He hopes this will enable him to better meet the needs of his customers and attract additional ones.
He also hopes that through his loan, he will increase his income and save money for any future difficulties facing his family.
About Capital Aid Fund for Employment of the PoorCapital Aid Fund for Employment of the Poor (CEP) is a non-profit Vietnamese microfinance institution that operates in the provinces of southeastern Vietnam and the Mekong Delta. CEP's head office is located in Ho Chi Minh City. This institution’s mission is to work with, and for, the poor and poorest to realize sustained improvements in well-being through the provision of financial and complementary non-financial services in an honest, efficient, and sustainable manner. The non-financial services CEP offers to complement its basic credit and savings products include financial education, raising awareness of health and sanitation issues, and education scholarships for children.
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!