Perveen is a seamstress and sews clothes for her neighboring clients. She is very skillful and receives a good number of orders every month.
She has applied for a loan from KIVA partner Asasah for the further expansion of her husband’s business. With the loan investment, he will buy chickens in larger numbers that will allow him to fill larger orders on time and increase his profits. The wedding season is going on and Perveen is confident that an investment will help her husband make his business more profitable.
Note: In the photo, the lady holding a book (called Asasah Passbook) is Perveen.
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