Adams is a student applying for a loan to purchase a laptop to assist in his studies at Strathmore University and this is his story:
My name is Adams. I am from a family of eight: three brothers, two sisters, both parents and me. My father is retired and my mother is a nurse. My elder brother, the firstborn, is the only one who works. One other brother is unemployed and one is still in college. My big sister is unemployed and the other one is just starting her career in a newfound job.
I decided to join Strathmore University since it is the best university in the country and I saw it as a means to widen my knowledge and work at achieving my dreams. I am currently pursuing a Diploma in Business Information Technology.
I am taking out a loan for a laptop which I intend to use in my studies. This is because my parents cannot afford to get me one due to financial constraints. I use the university computers when I am at school. It is usually very difficult to access coursework off-campus; this often forces me to leave some assignments undone, inconveniencing me greatly.
I want to major in computer programming. I intend to acquire the necessary skills so that my ultimate goal of starting my own IT firm can be achieved. I intend to counter problems arising technologically and make a significant difference in my country. I have a passion for technology and I want to merge my value of hard work and my passion for technology to make a significant change, both in my family and in my country. I intend to use the laptop to widen my experience in technology and use the experience gained in a positive way.
This Kiva loan will be used to provide borrowers with needed goods or services, as opposed to cash or financial credit.
Strathmore University is one of the leading private chartered universities in Kenya, and is a privately owned, not for profit institution. Originally established in 1961 as an Advanced-level Sixth Form College with inspiration and encouragement from Saint Josemaria Escriva, founder of Opus Dei, Strathmore University started offering degrees in 2002 before becoming fully chartered in 2008.
Strathmore University is a non-traditional Field Partner, in that they are an educational institution, not a microfinance institution. Lenders to these loans should be aware of the following:
1 - You might not begin to receive repayments on this loan for many years, and this loan may have terms as long as 11 years. The full-tuition loans administered by Strathmore University can have loan terms of up to 11 years, which includes a grace period of up to 5 years. The grace period includes the time during which the student is enrolled at the university, and the first year after graduation. During the grace period, the borrower is not required to make any repayments, and you would not receive any repayments. Please be sure the loan terms and repayment schedule of this loan suit you.
2 - Administering loans is a new activity for Strathmore University, which can increase the risk on this loan. While most Kiva Field Partners are microfinance institutions and therefore experienced at administering loans, Strathmore University's core business is providing education, and they are inexperienced at administering loans. This partner has passed Kiva's due diligence requirements for a non-traditional Field Partner, however lenders to this loan should be aware that this loan carries some additional risk as Strathmore University becomes more experienced with administering loans to students.
For more information on Strathmore University, and the Kiva loans they are administering, please visit the Field Partner page.