Loan Illustration

I am a dressmaker. I have my fashion workshop and I engage in this type of service with my apprentices. My main challenge is not enough modern sewing machines. …

Services Services

Tajikistan Tajikistan

Loan amount €800

Funded 100%

by 20 members

Loan fully repaid by the entrepreneur

Disbursement date: 04/01/2012
Final repayment of the loan: 04/01/2013

MicroWorld's investors have funded: €800

Kurbonova - Purchase sewing machine(s)

Borrower

First name: Kurbonova
Gender: Female
Age: 46
Marital status: Married
Number of children: 4
Region: Vakhdat

Loan Request

Purpose: Purchase sewing machine(s)
Amount: €800
Duration: 12 months
Loan type: in fine
The loan is reimbursed in one installment at the maturity date of the project (principal and possible interests).
Note: additional time may be necessary for the funds to be credited on the lenders' accounts due to delays in international transfers.

Borrower's quote

I am a dressmaker. I have my fashion workshop and I engage in this type of service with my apprentices. My main challenge is not enough modern sewing machines. Currently only four of my machines are in normal condition so that I cannot to serve all my clients. I thought about applying for a loan to buy new modern sewing machines and with new machines I will able to serve all my clients on time plus increase the salary of my apprentices and provide them with new machines in hope of improving our production.

Project follow-ups

  • 16.09.2014

    I am very happy with this loan that I used to buy sewing machines. As a result, I have been able to get more orders for my fabric business and have a better-stocked store. I am enjoying the improvements and I hope to continue acquiring more machines in order to be more organized and to hire some more employees to help me out. I would like to tell MicroWorld lenders that I had a magnificent opportunity to start reaching for my dreams and that it's great that other people are also benefiting from MicroWorld's activities; loans are easy to receive and available at opportune moments. I thank you for your help.

Economic and social context

Tajikistan

Tajikistan

Considered to be the poorest region of the former Soviet Union, the development of Tajikistan relies heavily on loans via microfinance, particularly in the rural areas of the nation.
Country's key figures - source Worldbank
Population 6 952 223
GNI per capita 700 USD
Economic Growth 3.4%
Poverty rate 47%
Unemployment rate No data
Literacy rate (above 15 years of age) 100%
Life expectancy 67 years

MFI Status

This loan is managed locally by our field partner HUMO which is in charge of administrating the loan and repaying MicroWorld lenders.

You should be aware that lending involves a risk of non-repayment. However, the risk associated with this MFI is considered lower than average.

Rates and transparency

  • This loan does not pay any interest to the lender.
  • Following your loan commitment, you have 7 calendar days to assert your right of withdrawal, by mail at contact@microworld.org.
  • The MFI will reimburse the lender in case of default of the entrepreneur but there is no guarantee or insurance given by the MFI.
  • 100% of the money collected is sent to the MFI, even if the project is not fully funded on the site.
  • The MFI then makes a loan to the micro-entrepreneur and charges an interest rate in order to cover its operational and financial costs.
  • The beneficiaries have been well informed about the risks of over-indebtedness and the consequences of payment default.
  • The platform earns a commission from the MFI for the service it provides, which helps to fund its running costs.
  • More effective than a simple donation, micro-credit promotes long-term sustainable economic development rather than short term help.

The MFI

HUMO

HUMO

Summary

HUMO is a microfinance institution in Tajikistan. Established in the east of the country where the majority of the population is concentrated, the institution has a dozen branches spread over the rural areas of the country. The institution serves a little over 13 000 clients by means of loans which are mainly distributed to groups of borrowers wishing to develop agricultural activities (livestock farming and sales, cultivation of various products) or small businesses (mainly market vendors or cottage industries).

Key figures - December 2011
Legal statusNBFI (Non-Bank Financial Institution)
Number of borrowers12,478
Size of loan portfolio$7,915,344
Average loan balance$634
Average borrower interest rate3.6% per month
Total number of staff225
PAR (Portfolio at Risk)1.79%
Social indicators
Average amount / GDP per capita (Accessibility for the poorest)81.62%
Percentage women borrowers36%
Savings accounts opened by the clientsNo
Guarantees required to access a loanJoint and several guarantee (group), ownership (individual)
Special programmes“Start-Business” programmes with loan, training and guidance.