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Chelsea Group
In this Group: Gibo Akim, Sheku

Update on Chelsea Group

This photo shows two members of the "Chelsea" group, which is made up of small-scale businessmen based in Makeni, a city in northern Sierra Leone. The Chelsea group has borrowed from SMT/Kiva lenders in the past. With this loan, they will be able to grow their businesses further, make more profit and further improve their standard of living.

The leader of this group is Gibo. He is 32 years old, and was born in Kambia town. He currently lives in Makeni, with his wife and two children. His wife is also a businesswoman, one of his children is attending primary school and the other is not yet of school age. For many years now, Gibo has owned and run a grocery shop. With this loan, he is going to buy items like milk, sugar, butter, mayonnaise, cheese, etc. to add to his current stock.

Previous Loan Details

In the photo are members of the “Chelsea” group. They are small-scale businessmen based in Makeni, a city in Northern Sierra Leone. This is not the first loan these entrepreneurs are accessing from SMT/Kiva lenders. Previous loans have made a lot of improvements in the business and lives of these... More from Chelsea Group's previous loan »

Additional Information

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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

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.

About Sierra Leone

  • $903
    Average annual income
  • 6
    View loans »
    Sierra Leone Loans Fundraising
  • $8,989,225
    Funds lent in using Kiva
  • 4,349.6
    Sierra Leone Leones (SLL) = $1 USD

Success!! The loan was 100% repaid

A portion of Chelsea Group's $750 loan helped a member to buy items like milk, sugar, butter, mayonnaise, cheese, etc. to add to his current stock.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 4, 2012
Listed
Nov 4, 2012
Currency Exchange Loss:
Possible
Ended:
Jul 17, 2013
This photo was used before for a previous loan for Chelsea Group. It was first posted on Kiva on Nov, 2011. Learn More