With the help of this loan, this group of teachers will be able to buy or invest in things that they would not otherwise be able to buy or invest in with their salaries alone. Borrowers usually use these loans to buy plots of land, house-building materials, to pay school fees for their children, to buy pieces of furniture, etc. And at the end of each month, they use their monthly salaries to repay the loan. It is their school's bursar who is directly responsible for doing the deductions and making the repayments on their behalf.
Hassan is the featured leader of this group. Born in Freetown, the 34-year-old is married to a businesswoman, and the couple has 4 children. Hassan has been a teacher for many years now. He has requested this loan for a number of reasons: he will use part of the loan to pay school fees for his children and part to buy goods for sale.
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.
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Success!! The loan was 100% repaid