The main income of her family is primarily based on breeding and cultivation. Her family’s annual income is just enough to cover the family expense after deducting the investment cost. However, each coffee crop requires additional fertilizer, this cost is quite large, and currently she cannot afford this fertilizer.
Therefore, she needs to borrow a loan to buy fertilizer for coffee and try to work hard to earn money to pay for M7-MFI on time. She hopes the loan will help to renovate her family’s land and to have money to invest in the coffee garden to bring better life for the whole family, especially for her children with better learning conditions.
About M7-MFI:M7-MFI is a microfinance institution in Vietnam that is focused on serving poor women and ethnic minorities in the northern part of the country.
Serving more than 21,000 clients, M7-MFI provides savings and loan programs for a number of catalytic areas including vulnerable populations, education, disaster recovery, and water/sanitation. In addition, the organization regularly provides gender education and business consulting services, and builds homes for low-income clients.
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.
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