Mohamed M.'s Group
Update on Mohamed M.'s GroupPictured above are teachers in one of the secondary schools in the city of Koidu in eastern Sierra Leone. This group of teachers has come to SMT, Kiva’s earliest field partner, to request a loan of 8,100,000 for the entire group. With the help of this loan, they are being empowered to meet their immediate and most pressing needs. At the end of each month, they can easily repay the loan using their monthly salaries. It is their school’s bursar who is directly responsible for calculating the deductions and making the repayments on their behalf.
Mohamed is the featured leader of the team. He is a 33-year-old. He is a native of Kaambo village in northern Sierra Leone. He is married with 2 children who are attending primary schools. Mohamed has been a professional teacher for 5 years now. He has requested this loan in order to pay school fees for his children.
Previous Loan DetailsSalone Microfinance Trust (SMT), a partner of Kiva.org based in Makeni, Northern Sierra Leone is very pleased to present to you this group of secondary school teachers from Koidu, a city in Eastern Sierra Leone. Like their colleague teachers from other schools within SMT’s operational areas, these… More from Mohamed M.'s Group's previous loan »
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.
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.
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