Therefore, a few years ago Shamim started her business of cloth selling, an enterprise she has steadily expanded into the cloth market, where she obtains orders and travels to various cities to purchase embroidered dresses such as Multan and Faisalabad.
She purchases clothes from these cities because of their cheap rates and good designs.
Shamim earns from Pak Rs. 10,000 to 15,000 on a monthly basis but earns more on occasions such as Eid and marriage functions. She lives with a dream of someday opening her own boutique where she can sell embroidered dresses and get the full profits of selling. Shamim is now requesting a loan from Asasah (a microfinance institute in Pakistan and a partner of Kiva) to purchase more dresses to expand her business.
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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