She has accessed loans twice from Thrive Microfinance together with her friends from the Harmony group. She is one of the group members who benefited from the previous loan. Her stall improved in terms of stock levels and her quality of life has also improved in terms of putting nutritious meals on the table for her family consistently.
They want to borrow $1,600 together as Harmony group and she wants to use her portion to develop her stall by adding groceries to her stock. She is hoping the benefits from this loan will enable her to pay exam fees for her children.
About THRIVE:THRIVE Microfinance is a for-profit microfinance institution in Zimbabwe that was founded in 2012 by former Kiva Fellow Henry Bartram. The organization provides productive business loans that utilize the group lending methodology, lends only to women, and provides auxiliary training before and after loans.
The organization currently supports approximately 25 groups of women, with $190,000 outstanding. With Kiva’s support, THRIVE will strive to reach their goal of $350,000 by the end of 2014.
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