Irshaad is married to M. A., a daily wage labor. She has applied for a loan from Kiva partner Asasah for her sons’ business. With the loan, they will buy thread in bulk to make more bed-sheets to sell. The increase in number of bed-sheets enables them to sell to more customers and to make more income.
She is hopeful that an investment will take her sons’ business to a more profitable position. Irshaad is a new loan applicant of Asasah.
Note: “In the photo, the lady with a book (called Asasah Passbook) is Irshaad”.
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