Sisters In Business Group
David sells market food. He sells pepper and palm-oil (the most popular cooking oil). With this new loan, he will expand on his business. He will be able to buy about four bags of pepper and three barters (five gallons make a barter) of palm-oil. He buys his goods from either the village called Kalamgba or Tambiama. A bag of pepper costs him Le 200,000 and a barter of palm-oil costd him Le 40,000 in either of these villages.
So far, David faces no serious challenge in his business that is worth noting. Business is going fine and smooth. He enjoys what he does for a living. To David and his colleagues in the group, an increase in profit means making their lives better. They will be able to take good care of their children, specifically with their educational and nutritional needs, and save some money for emergencies.
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.
About Sierra Leone
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Success!! The loan was 100% repaid