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Soemant

Update on Soemant

Soemant is very thankful to all Kiva lenders for helping him to realize his dream. He has fully repaid his loan. However his profits were not enough to buy the tractor, and that’s why he needs another loan for his rice cultivation, so he can save more.

With this loan of SRD 10,000 he could expand his production and save for his tractor with the profits.

Previous Loan Details

Mr. Soemant is 37 years old and has a family with a school-going child. He is a rice grower and, in his spare time, he works as a bus driver. Soemant has inherited a plot of land from his father. In 2009, he expanded his rental plots with the support from Stichting SEVA Microfinance Institute... More from Soemant's previous loan »

Additional Information

More information about this loan


This loan is part of Seva's effort to reach marginalized rice farmers who are excluded from Suriname's traditional banking system. This type of loan is designed to help agricultural entrepreneurs become self sustainable. This is especially important in Suriname, where microfinance is limited. These loans provide farmers with the opportunity to thrive in a country where rural and agricultural businesses are considered to be too risky for commercial loans.

About Seva Network Foundation

Stichting Seva Micro Finance Institute (Seva MFI) is an international organization that promotes entrepreneurship among poor and marginalized communities in developing countries. Seva MFI offers loans that enable farmers to purchase pesticides, fertilizer, farming tools and equipment to expand their farm plots and boost their incomes. In 2012, Seva MFI has disbursed over 650 loans to farmers in Suriname.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

Tags

About Suriname

  • $16,700
    Average annual income
  • 0
    View loans »
    Suriname Loans Fundraising
  • $625,375
    Funds lent in using Kiva
  • 3.2
    Suriname Dollars (SRD) = $1 USD

Success!! The loan was 100% repaid

A loan of $3,100 helped Soemant to purchase seeds, diesel fuel, and fertilizer.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
At end of term
Disbursed:
May 24, 2014
Listed
Apr 20, 2014
Currency Exchange Loss:
Possible
Ended:
Nov 18, 2014
This photo was used before for a previous loan for Soemant. It was first posted on Kiva on Nov, 2013. Learn More