The leader of the MADAM Group is Mohamed C. (back row, third from left). Mohamed is 41 years of age, married, with three children who all attend primary school. Mohammedu's wife is a businesswoman. Mohamed intends to use his portion of the SMT loan to continue building his new home. Currently, Mohamed and his family rent an apartment. Completion of the new home will save Mohamed 1,500,000 LE per year in lost rental fees and will allow him to build equity in the home. The new home will also give his children better security and more freedom. Lastly, Mohamed hopes his first home is a starting point for investing in other forms of real estate.
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.
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