Her husband is a welder by trade and operates a welding shop in the market. He welds and repairs iron, steel items, machinery and spare parts with the welding machine. He is known as an expert in his field and has a good number of clients who request his services regularly and pay reasonable rates.
Rashida has applied for a loan from Kiva partner Asasah for her husband’s business. Through the loan, he will buy a new welding machine to be able to provide better quality welding services to his clients. His current welding machine doesn’t work well and needs a replacement.
Rashida hopes that by purchasing a new welding machine her husband will be able to increase his profits which will help Rashida save some income for the school admission of her elder daughter who is of school-going age. She is very confident that her husband will successfully be able to improve the condition of his business.
Rashida is a regular loan user of Asasah and this is her 2nd loan application to Asasah. In the previous loan year, she has established a good credit behavior and never missed any meeting.
Note: In the photo, the lady with a book (called Asasah Passbook) is Rashida.
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