Rc Primary School, Binkolo Group
SMT/Kiva gives loans to teachers and other professional workers in Sierra Leone in order to invest in something meaningful. Salaries are usually too small for these people, making it very difficult to do anything big with it. But with a loan, they will be able to buy a piece of land or house-building materials. Some will pay school fees either for themselves to pursue further studies or for their children. Some will use the loan to buy pieces of furniture like a bed or chairs. And others will invest in a business or add to their wives’ businesses. Each month, their school’s bursar will deduct their repayment out of their monthly salaries and repay SMT/Kiva.
David L. K. (second row right) is the headmaster at the school. David L. K. was born in Mankoreh village about nine miles from Makeni City. He is age 62 and married with 12 children. One of his children is in university, five in senior secondary schools, four in junior secondary school and two in primary schools. David has been a headmaster of this school since 1984. David will use his loan to complete the house he is currently building. He will buy bags of cement, sand, gallons of paints, and hard boards. Asked what impact this loan will create in his life, Mr. K. told me that he felt somehow alleviated, and economically uplifted. “At least”, he continued, “I will be able to leave a legacy for my family by building them a house”.
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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Success!! The loan was 100% repaid