Al Ataa 1 50456 Group
Layla is a 42-year-old married mother of three, for whom she works hard with her husband to provide them with the best living and education. She has run a mobile phone selling shop for six years and her business is going on just fine. Just like any small business, Layla needs an additional external push to develop it, especially because she has fixed responsibilities towards her family that she can't deny or neglect. That's why she is acquiring a loan from Kiva's field partner Al Majmoua--to increase her business merchandise with new released mobile phones, accessories, and prepaid cards that will increase her sales and develop her business properly.
Layla is the first from the left, while Mirna is the lady at the center of the picture and Sariya is the lady at the far right side of the picture with the grey top.
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!