Parveen M. Ashraf Group
Parveen baji is the mother of five kids: three daughters and two sons. Her sons are enrolled in a school which is located near their house. Parveen baji embroiders shoes. She learnt this art from her mother and now this skill gives her a reward in the form of money. Parveen baji has passed on this art to her daughters as well. The order she used to complete in 15 days, with the help of her daughters she now completes in one week. She feels very proud of her daughters. She is applying for a loan to expand her husband’s animal-selling business by buying more animals.
Parveen baji is the group leader for some more women from her locality. Meena baji wants a loan to buy seasonal fruit for her fruit-selling business. Ayesha baji wants a loan to buy raw materials (leather and nails) for her shoemaking business. Shabana baji wants a loan to buy animals (goats) for her animal-selling business. Majidan baji wants a loan to buy a power loom to manufacture clothes to sell.
This is a group loan. The loan funds will be distributed among the group members, each of whom will invest in her own business. The members mutually guarantee one another's loans. If one member does not repay, the other members are responsible.
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