Salone Microfinance Trust (SMT) is very pleased to present to you this set of teachers located in the township of Magburaka, in northern Sierra Leone. Together, they have come to apply for a loan of SLL 4,900,000. With the help of this loan, they will be able to meet their most immediate and most pressing financial needs. And 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 doing the deductions and making the repayments on their behalf.
James is the featured leader of group. Born in 1974, James is married and has four children – two of his children are attending secondary school and two are not yet of school age. James has been a school teacher for five years now.
He has requested this loan in order to pay school fees for his children.
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.
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.