Alimamy is the leader of this group of teachers. Born in Freetown, the 33 year old is married to a secretary and the couple has 1 child. Alimamy has requested for a loan of 1,000,000.00 SLL from SMT/Kiva lenders in order to invest it in a business. He will use it to buy rice, palm-oil, etc. in large quantity for resale.
This will be the first loan that teachers of this school are requesting from SMT/Kiva lenders. This loan will certainly be of immense help to these teachers. Since salaries are usually small in Sierra Leone; especially so for people in the teaching profession, they could not use such salaries to buy or do anything great. But with a loan, they can now buy or do something big and then repay over a period of time. Some of them will use it to begin or continue building a house; others to pay either for themselves pursue further studies or pay for their children’s education. Some will use it to invest in businesses in order to complement their monthly salaries. And still, others will use theirs to buy pieces of furniture.
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