Benkadi 2 Group
They joined the mricrofinance institution Soro Yiriwaso to buy small farming equipment, to stock up on inputs and to pay for the cost of plowing the fields. This is the group’s 1st loan cycle with the MFI. Mrs. Nana, 2nd from the right, plans to use her loan to buy seeds and inputs in Markala and Ségou and small farming equipment from local blacksmiths, and to pay the young helpers who will be plowing her field.
At the end of the rainy season, she will sell her crop for cash. This will allow her to repay her loan and to support her children, and also to help provide for the 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