Rita is a 48-year-old divorced mother of two. She has worked hard for nineteen years as a tailor to support them in their living and covering most of their needs and requests. She has a tailor shop in a popular market, where she is well known and has a good reputation which is invested in attracting a good number of clients.
Rita is a hard worker, she puts so much effort into increasing her production to support her family in a well managed way. Today, she is acquiring a loan from Kiva's field partner Al Majmoua to buy new updated tailoring machines that will help her increase her production in less time and higher quality.
She is the first lady sitting at the far right side of the picture with striped top. As for the other group members, Hanaa is the first from the left, while Nada is the lady sitting in the middle.
About Al Majmoua – Lebanese Association for DevelopmentThe Lebanese Association for Development – Al Majmoua is Lebanon’s leading microfinance institution and the oldest Kiva partner in Lebanon. Al Majmoua’s vision is to “be the leader in creating an inclusive financial system where all people in Lebanon have access to affordable services.” Given Lebanon's diverse population, Al Majmoua lends to all nationalities, provided legal residency. The strong financial position achieved to date has allowed Al Majmoua to steadily lower its pricing over the years.
Based on the belief that non-financial services play a complementary role in improving the quality of life of the most vulnerable entrepreneurs, Al Majmoua has established a solid Business Development Services program for both borrowers and non-borrowers with a focus on women and youth.
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!