He Muong 1 Group
Agriculture production is their main source of income, and they continuously diversify their activities, such as cultivating rice, maize, vegetables, raising pigs, chickens, ducks and buffaloes. They also have to work for a local construction employer to earn a higher income for a more abundant life. This is Thuong's third loan in the Anh Chi Em program. She said that she has benefited a lot from the loans and the interesting training lessons of Anh Chi Em. This time, Thuong will use the loan to buy one more buffalo to expand her farming. She hopes to learn more in the next training sessions, especially about farming and breeding techniques, and knowledge about personal financial management.
Thuong dreams that her two children will study in a famous university and have a good job with a better life than her in the future. In the picture, Thuong is standing first from the right.
More information about this loan
Anh Chi Em (ACE) is an International NGO microfinance program that supports vulnerable and marginalized individuals in the severely underserved regions of Dien Bien and Muong Ang District in Dien Bien Province and in Northern Vietnam. Launched in 2007 by the French non-profit Entrepreneurs du Monde, ACE focuses on the financial inclusion of women from marginalized ethnicities and those affected by AIDS.
ACE offers two types of flexible loans alongside a voluntary savings program. The amortizing and bullet loans provide borrowers with key capital at an interest rate of 18%, compared to the national averages of 23.01%. The savings program pays clients 6% returns per annum.
Kiva lender’s funds help ACE to expand its services into new communes and more districts and offer loans to more vulnerable individuals.
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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