Sorie I.'s Group
This is the first loan that DEC Primary School Sinkunia is requesting from Kiva through SMT. With the help of this loan, some of these teachers will start small businesses. Some will invest their loans in an already existing business. Others will buy pieces of furniture and house-building materials, pay school fees for their children, and so on. At the end of each month, the school’s burser is directly responsible for deducting the loan repayments out of their monthly salaries and pays SMT/Kiva on their behalf.
Sorie I. S., the leader of this group of teachers, was born in Koinadugu District, northern Sierra Leone. He is married to a trader and has seven children, two of whom are in primary school, three in secondary school and two in college. Sorie, who has 28 years of experience in the teaching profession, has requested a loan of SLL 1,000,000 in order to purchase a piece of land for the future construction of a family house.
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