Salone Microfinance Trust (SMT) is very pleased to present to you this group of teachers from Magburaka, a town in Northern Sierra Leone. This group of teachers have applied for a loan of 23,500,000 Sierra Leonean Leones in order to meet their immediate financial challenges. At the end of each month, they will repay the loan, using their monthly salaries. Their school’s bursar is directly responsible for doing the deductions and making the repayments on their behalf.
Wilfred is leader of this group of borrowers. A native of Magburaka town, Wilfred is 58 years old. He is married to a housewife and he is a father of 14 children, 8 of whom are attending primary, secondary and tertiary institutions. Wilfred has been a professional teacher for 39 years now. He has requested this loan in order to pay school/college fees for his 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.