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Momodu

Update on Momodu

This is 39-year-old Momodu. He is married and has three children aged two, six and nine.

In 2003, Momodu established his provisions, bread and drinks business. He started the business to be self-reliant. Working seven days a week and twelve hours a day, he earns about 1,725,000 SLL every month.

He would like a loan in the amount of 3,500,000 SLL. Momodu requires a loan in order to buy eggs, provisions, and powdered milk.

In the future, Momodu plans to open another store at the center of town. He thanks you for your support.

Previous Loan Details

This is 39-year-old Momodu. He is married and has three children aged 1, 6 and 9. In 2003, Momodu established his provisions and drinks business. He started the business to be self-reliant. Working seven days a week and twelve hours a day, he earns about 1,400,000 SLL every month from this b... More from Momodu's previous loan »

Additional Information

About the Association or Rural Development

The 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

  • $2,100
    Average annual income
  • 52
    View loans »
    Sierra Leone Loans Fundraising
  • $9,342,250
    Funds lent in using Kiva
  • 4,320.0
    Sierra Leone Leones (SLL) = $1 USD

Success!! The loan was 100% repaid

A loan of $825 helped Momodu to pay for eggs, provisions, and rice.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 19, 2013
Listed
Apr 27, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014
This photo was used before for a previous loan for Momodu. It was first posted on Kiva on Jun, 2012. Learn More