Having encountered many difficulties in buying condiments for cash from their suppliers, they decided to join the microfinance institution Soro Yiriwaso to bolster their purchasing power in order to pursue their food services and charcoal sales activities. This is their ninth group loan, and all previous loans were correctly repaid.
Mrs. Mariam D. will use her loan to buy 25 bags of charcoal and 10 cartloads of firewood from the coal producers of DIOUTIEBOUGOU. She sells at retail and wholesale, for cash and credit, to a mostly female clientele.
With this loan, the members expect to earn a monthly profit of 25,000 FCFA, which will be used to cover the children’s health care expenses and school fees.
Important InformationSoro Yiriwaso is a microfinance institution that works primarily in rural and semi-urban areas of Mali to provide underprivileged communities with access to financial services.The organization facilitates access for disadvantaged clients, particularly women, to new resources and services, fostering solidarity and cooperation among its clients. Kiva lenders’ funds will enable Soro Yiriwaso to expand its outreach and target even more underserved Malians involved in business and agriculture.
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