John A.'s Group
These hard-working and dedicated teachers have come to SMT to seek a loan of SLL 7,400,000. With the help of this loan, these teachers can embark on some meaningful project that their mere salaries alone cannot do. Some of them will use the loan to buy pieces of furniture, others to buy house building materials, buy a piece of land or pay school fees for their children, while some of them will invest the loan in a business.
John A. B. is the leader of this group of teachers. He is age thirty-eight. Abu is married and has two children. Mr. B. will use part of his share of the loan to pay school fees for his children and will use the remainder of the loan to pay school fees for himself to pursue further studies.
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