Al Rawad Group
They all work hard to support their beloved families with an additional income, so their acquired loan is a very important step forward towards making their dreams come true.
Lama is a 24-year-old, married mother of one child, who has been working in the beauty business for 11 years. She was very young when she started working, but she had to support her family in covering their needs. This long experience provided her with special talents and customers' trust and support.
Today, Lama is acquiring a loan from Kiva's field partner, Al Majmoua Lebanese Association for Development, to expand her working sector by increasing her business merchandise with special summer beauty products and cosmetics.
Lama is the second woman from the right, with a pink top. As for the other group members, Rasha is the first on the left, with long, blond hair, Faten is the first from the right, and Rajaa is the second from the left, in green.
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!