Bushra Razaq Razaq Ahmad Group
Bushra baji operates a clothes-sewing business. She charges $2 per dress. Mostly her customers are her neighbors. She successfully repaid her two loans from Kiva's partner Asasah (a microfinance institute of Pakistan). Now she is applying again for a loan to repair her husband’s auto-rickshaw.
Bushra baji is the group leader of another four women from her area. Shahnaz begum baji wants a loan to buy ready-made garments to sell. Farzana baji wants a loan to buy furniture for her tuition (tutoring) center. Fozia baji wants a loan to buy scrap for her scrap business. Abida parveen baji wants a loan to buy material (lentils, cooking oil and spices) for her food-selling business.
This is a group loan. The loan funds will be distributed among the group members, each of whom will invest in her own business. The members mutually guarantee one another's loans. If one member does not repay, the other members are responsible.
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