Update on SholaThis is 58-year-old Shola. He is married and has four children, ages 35, 31, 28 and 26. Two are in school. In 2001, Shola established his spare parts business. He began his business just to enable him to adequately care for his family. His business is located in the heart of town and he serves mostly men (drivers). Working 7 days a week and 13 hours a day, he earns about 700,000 leones (SLL) every month from this business.
Shola would like a loan of 6,250,000 SLL. He has already received and successfully repaid two loans and now requires a new loan in order to buy oil filters (1,000,000), brake pads (1,000,000) and gear oil (1,500,000). He hopes that this loan will enable him to generate enough money to solve his domestic problems. In the future, Shola plans to renovate his shop and to own a house. He thanks you for your support.
Previous Loan DetailsThis is 57-year-old Shola. He is married and has 4 children ages 34, 30, 29, and 26. In 2001, Shola established his spare parts business. He began his business just to enable him to adequately cater to his family. His business is his only source of survival. Working 7 days a week and 13 hours... More from Shola's previous loan »
About the Association or Rural DevelopmentThe Association for Rural Development (ARD) is one of the leading microfinance institutions in Sierra Leone. Established in 1989, ARD has offered individual and group loans to support small-scale businesses across the country for two decades. You can learn more about ARD on its partner profile page, support the organization and its staff by joining the ARD lending team, or lend to another one of its borrowers currently raising funds on Kiva.
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.
About Sierra Leone
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Success!! The loan was 100% repaid
- Repayment Term
- 12 months (Additional Information)
- Repayment Schedule
- Jan 4, 2013
- Jan 18, 2013
- Currency Exchange Loss:
- Nov 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.