The women are in the firewood business. With the goal of increasing their business capital, the members of the group decided to partner with Soro Yiriwaso and are on their second group loan cycle.
Djeneba (the first woman seated on the left in the photo) is a big seller of firewood in the village of Benzana and surrounding area. She plans to use her loan to buy enough firewood from the farmers around Ségou. She then resells this for cash at the market and from her home to a customer base made up mostly of women.
Djeneba hopes to earn an average monthly profit of 20,000 francs CFA with this loan, which will be used to provide for her children's needs and to increase her business capital.
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