11- Đông Sơn Group
Note: original loan description is in English.
Vietnam. It is located approximately 150 kilometers south of Hanoi, the capital of Vietnam.
Mrs. Trinh Thi Hue is the lead borrower of the group. She is 59 years old, married, and has three children: a 33 year old son who is a bus driver, a 30 years old daughter who works as a health advocate in the hospital and a 21 years old daughter who is studying business at Hanoi University.
This is Mrs. Hue's first loan from the Fund for Thanh Hoa Poor Women("FPW"); one of her friends in Dong Thanh market, where she has a stall, recommended FPW to her. Prior to discovering FPW, Mrs Hue's cost of borrowing was more than twice that charged by FPW.
Mrs. Hue will use the proceeds from this loan to buy kitchenware for her stall where she sells pots, pans, scissors, teapots, mops, thermos flasks, rice cookers, washing up liquid, chopsticks, etc. Along with the pension she receives from the government (as a former government employee), she will use the profits from this loan to pay for her 21 years daughter's board and lodging in Hanoi, as well as her university fees.
The loan will be split equally between all six borrowers. The other borrowers in the group will use their share of the loan as follows:
* Mrs. Trinh Thi Hue is borrowing 1,626,900 Vietnamese Dong (~ US$93) to buy kitchenware such as pots, pans, scissors, teapots, mops,thermos flasks, rice cookers, washing up liquid and chopsticks for her market stall.
* Mrs. Ngoc is borrowing money to buy clothes for resale in Dong Thanh market.
* Mrs. Lien is borrowing money to buy sugar, salt, towels, candies, biscuits, breads, etc. for resale in Dong Thanh market.
* Mrs. Lam Thi Hue is borrowing money to buy bowls, dishes and spoons for resale in Dong Thanh market.
* Mrs. Loi is borrowing money to buy blankets, pillows and sedge mats for resale in Dong Thanh market.
* Mrs. Lanh is borrowing money to buy bread for resale on the street in the early morning.
About Thanh Hoa Microfinance Institution Limited Liability (Thanh Hoa MFI)Thanh Hoa MFI works to provide credit to women and their families in the central Vietnamese province of Thanh Hoa, one of the poorest regions of the country. The institution's target clients are poor and low-income women who have the ability to work but lack the capital. Accordingly, Thanh Hoa MFI prioritizes single mothers, low-income women with children who have dropped out of primary school, and Viet Nam’s poorest women who cannot access any formal financial services.
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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