Shamim Akhtar's Group
Shamim herself is a seamstress. Her work is home based. She gets orders from her community clients and relatives and charges PKRs 120 for a simple dress and PKRs 150 for a designer dress. She has been operating her business for over 10 years.
In these years, she has obtained good reputation and respect among her clients. She provides best services to her clients so they keep on giving regular orders to her.
Shamim has applied for a loan from Kiva partner Asasah for her sewing business. With the loan, she will buy an electric sewing machine because she has a manual machine now which reduced her efficiency of work.
She is very confident that the electric machine will increase her efficiency level and helps her fulfilling the orders in less period of time.
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