With the goal of consolidating their small businesses, the group members decided to collaborate with the microfinance institution Soro Yiriwaso and are now on their first solidarity loan cycle.
Ms. Fatoumata (second women standing from the left in the photo) is a major vendor of clothing of all sorts. She gets her supplies from a supplier in Bamako. She intends to use her loan to purchase a bale of secondhand clothing. Sales are made in cash or on credit in Segou City, locally, and by going door to door. Her customer base is composed of men and women.
Ms. Fatoumata plans on making an average monthly profit of 25,000 francs CFA that will be reinvested in her business and used to ensure her children's care.
Madame Fatoumata (2ème femme debout de la gauche vers la droite sur la photo) est une grande vendeuse d’habits de toutes sortes et elle s’approvisionnant chez son fournisseur à Bamako. Elle compte utiliser son prêt pour acheter une balle de friperie (habits). La revente se fait au comptant et à crédit dans la ville de Ségou sur place et en ambulant à une clientèle composée d’hommes et de femmes. Madame Fatoumata compte réaliser un bénéfice mensuel moyen de 25 000 FCFA, qui sera investi dans l’activité et assurer l’entretien des enfants.
Important InformationSoro Yiriwaso is a microfinance institution that works primarily in rural and semi-urban areas of Mali to provide underprivileged communities with access to financial services.The organization facilitates access for disadvantaged clients, particularly women, to new resources and services, fostering solidarity and cooperation among its clients. Kiva lenders’ funds will enable Soro Yiriwaso to expand its outreach and target even more underserved Malians involved in business and agriculture.
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