Syed is a housewife and a very good administrator. She manages her household expenses very well and does her household work by staying at home. She is the mother of 4 children, 2 sons and 2 daughters. Her eldest son works in a soap manufacturing factory while the others stay home. Only her third child is enrolled in school and studying in the 8th grade.
She has applied for a loan from Kiva partner Asasah to improve her husband’s electrician business. With the loan, he will purchase electrical repair tools to offer better quality services to his clients. He has been operating this business for the past 15 years and Syed is very hopeful that her husband’s business will be expanded further after buying necessary tools with the loan. She is a new loan applicant of Asasah and hopes that it will be a profitable experience for her.
Note: In the photo, the lady with a book (an Asasah Passbook) is Syed.
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