Augustine M's Group
Teachers and workers of other institutions normally come to SMT in order to request a loan. These loans help a great deal to supplement their monthly salaries. They use these loans to buy or invest in things that their mere salary alone can’t let them buy or invest in. At the end of each month, these teachers can easily 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.
Augustine is the featured leader of this group. The 37 year-old is a native of Pendembu, in eastern Sierra Leone. He is married to a housewife and the couple has one child who is in college. Augustine is a teacher who has served six years in the teaching profession. He has requested for this loan in order to buy house building materials such as bags of cement and iron corrugated rods for the construction of a house.
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.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
About Sierra Leone
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Success!! The loan was 100% repaid