Hosea 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 Hosea. I live in Nairobi, Kenya, with both parents and two brothers. I chose Strathmore University because it is an institution which upholds high levels of discipline and the learning environment is conducive. Strathmore University instills ethical values which promote both personal and social development; thus, it was the university of my choice. I am currently in second year doing a Bachelor of Commerce which involves a lot of research, study and understanding of business-related issues. Finance is my major and it is something I pursue with a passion.
I am taking out a loan for a laptop which I will use for research, making presentations, saving and backing up my work, and acquiring knowledge through access to many IT-related platforms. The world is currently in the digital age, and information is very vital to all who are going to take part in this revolution. With this loan, I will be able to acquire a laptop which I will use for access to information relevant to research for my courses. After I am done with my degree, I am hoping to secure a place in the job market. This is the dream of many university students. Afterwards, I plan to master or take CFA while I am working.
It is my dream that Kiva will continue with the work it is doing: making the dark days bright for students by giving them loans allowing them to add value to their lives, as well as promoting the spread of knowledge by creating access to information through loans for the purchase of laptops.
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.