Malcolm Yayah's Group
These hard-working and dedicated teachers have come to SMT to request a loan of SLL 23,900,000 for the entire group. With their shares of the loan, each will be able to solve his immediate financial challenges. At the end of each month, they will be able to repay the loan using their monthly salaries. Their school’s bursar is directly responsible for doing the salary deductions and making the repayments on the borrowers' behalf.
Mafinda (who is second from the left in the picture) is the featured leader of this group. A native of Yengema, in eastern Sierra Leone, the 55-year-old is married to a teacher. The couple has two children, who are no longer attending school. Mafinda has served in the teaching profession for 25 years. He has requested this loan in order to buy building materials, 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