Benkadi 1 Group
Wishing to buy tools, to purchase enough farm inputs, and to pay for day laborers to weed their fields, the members of the group found Soro Yiriwaso and are on their second seasonal loan.
Madame Fatoumata, the second woman sitting from left to right in the photo, intends to use her loan to buy seeds and farm inputs in Segou, to purchase tools made by local blacksmiths, and to pay young men to weed her field. She sells her agricultural produce for cash at the end of the rainy season to repay her loan and in order to have income to cover the needs of her children and part of those of the extended family.
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