This group of teachers has come to SMT/Kiva lenders to solicit a loan of 11,00,000 Sierra Leonean Leones in order to meet their immediate financial challenges. And at the end of each month, they will repay the loan using their monthly salaries. Their school’s bursar is directly responsible for making the repayment on their behalf.
Isatu is the leader of this group of teachers. The 44-year-old is a native of Yengema. She is married to a nurse, and the couple has nine children attending primary, secondary, and tertiary institutions.
Isatu has been a teacher for many years now. She has requested this loan in order to pay college fees for her children.
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