Najeba and Sayma want to take a loan for their carpentry business. They will use the loan to buy necessary materials for their business. Najeba wants to take a loan for her husband’s business. They all want to see progress in their businesses and to earn more money to support their families and solve their problems.
They believe that these loans can be very useful because they provide a chance for poor entrepreneurs to expand their businesses.
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