Farzana has applied for a loan from Kiva's partner, Asasah, for her sewing business. She will buy a new sewing machine with the loan that will help her sew clothes in a shorter period of time and fulfill her orders on time to earn more profit. Farzana is hoping that by investing loan money in her own business, she will be able to receive more orders every month and improve her income. She has been in this profession for the past 10 years.
Farzana is a new loan applicant and this is her first loan application to Asasah. She is a resident of Dhanona which is a small housing colony located in Faisalabad. Faisalabad is Pakistan’s third largest city and well known for its textile industry.
In the photo, the lady raising her hand is Farzana.
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