Nasreen is now seeking a loan from a Kiva partner, Asasah, for her husband’s business. With the loan proceeds, her husband would like to buy carpet-weaving raw materials such as thread, weaving tools, and sketches. Weaving carpets by hand is a very difficult task but A. does this job well, primarily because he knows that he needs to provide financial support for their family. Nasreen is hopeful that her husband will make good use of the loan proceeds and will be able to generate an increase in profits by weaving additional carpets. Notably, this would be her second loan from Asasah. With respect to the prior loan, she paid her installments on time and attended every meeting.
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