Francis V.'s Group
This group of teachers has come to SMT, a partner of "Shine on Sierra Leone" in Waterloo, to seek a loan in order to supplement their monthly salaries. With the help of these loans, they can accomplish certain tasks that they would otherwise not have been able to accomplish with their mere salaries alone. At the end of each month, these teachers can repay the loan out of their monthly salaries. The institution’s bursar is directly responsible for deducting the repayment and pays SMT on their behalf.
Francis V. B. (pictured left) is the head teacher at the school and leader of this group of borrowers. Forty-five-year-old Francis was born in Kailahum, eastern Sierra Leone. He is married to a businesswoman and they have five children – two in secondary school and three in primary school.
In addition to his teaching profession, Mr. B. also does some petty trading. He has been a petty-businessman for over fifteen years (even before joining the teaching profession). Francis has applied for a loan of SLL 800,000. With this loan, he will buy gallons of palm-oil (the most popular cooking oil) to add to his business inventory.
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