M.c.a Secondary School, Magburaka Group
Teachers at this school have come to SMT for the first time to seek a loan. With this loan, some will invest in a business or give to their wives to invest in a business. Some will use their loan to buy furniture, while others will use it either to pay school fees for themselves to pursue further studies, or to pay their children’s school fees. Left with their monthly salaries alone, they are not able to do much. However, with this loan they will be able to invest in bigger projects, and out of their monthly salaries they will gradually repay the loan.
Mr. Mara was born in Yiffin village in the Koinadugu district in northern Sierra Leone. He is forty-two years old and married with four children. All of his children are attending schools – two in primary school and one in Junior Secondary School. For two years, Mr. Mara has been working in agriculture. With his loan he will buy seed rice and pay laborers. Through farming, Mr. Mara supplements his meager monthly salary.
About Salone Microfinance Trust (SMT)Salone Microfinance Trust (SMT) is Kiva’s oldest field partner in Sierra Leone. SMT began operations in 2002 as a microcredit program of the NGO Child Fund Sierra Leone under a USAID program to assist the reintegration of ex combatants back into their communities. Today, SMT offers group, agricultural, individual and salary loans to micro-entrepreneurs through six branches and one sub-branch in rural, urban, and peri-urban areas. By providing small loans and other financial services, SMT empowers poor clients to generate more income to help their families, improve their wellbeing, and create a more vibrant private small-business sector in Sierra Leone.
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