Update on FodayThis is 55-year-old Foday. He is married and has four children, aged 28, 25, 21 and 18. He has one additional dependent in his spouse. In 2006, Foday established his empty five-gallon rubber and rubber drum business. He began his business just to raise funds to solve his domestic problems. His business is located at the heart of town, and his main customers are mostly women. Working seven days a week and 11 hours a day, he earns about 700,000 Le (Sierra Leone leones) every month from this business.
He would like a loan in the amount of Le 5,000,000. Foday has already received and successfully repaid one loan and now requires a new loan in order to buy empty five-gallon and empty rubber drums. He hopes that this loan will help him generate more stock to solve his domestic problems. In the future, Foday plans to build a house.
Previous Loan DetailsThis is 54-year-old Foday. He is married, with four children, ages 27, 24, 20, and 17. In 2006, Foday established his empty five-gallon rubber containers and roofing nails business. He began his business because he wanted to raise adequate funds to fulfill his domestic commitment, and it is… More from Foday'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
- 10 months (Additional Information)
- Repayment Schedule
- Feb 1, 2013
- Feb 9, 2013
- Currency Exchange Loss:
- Oct 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.