A loan of $1,075 helped a member purchase of shoes and soap for re-sale.

Faïda (L’Élégance) Group's story

The five women of the “Faïda” (elegance) group are all married. They have an average age of 34 and, on average, 5 children, and they live in big traditional extended families in Sogomougou neighborhood of the town of Koutiala (Sikasso region, Republic of Mali). They met because they are neighbors and are in the same business. Their business is selling shoes and soap. They are much in demand for these products.

So as to satisfy the needs of their growing clientele, the Faïda group decided to join the micro-finance institution Soro Yiriwaso with whom they are on their 3rd solidarity loan (group loan). All the preceding loans have been correctly reimbursed.

They intend to use this loan to buy bales of plastic shoes and cases of soap in Bamako (the capital of the Republic of Mali). The shoes and soap are sold retail, for cash or credit, in the market of Koutiala, in businesses, or door-to-door. They each expect to make an average profit of 110,000 F CFA during this loan cycle, which will be used to pay the interest on the loan and cover needs of their extended families, investing any remainder back into their businesses.

Their ambition is to diversify their businesses by taking up other money-earning ventures such as opening a cosmetics shop.

In this group: Mariam , Awa , Salimata , Aminata , Soumba

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Translated from French by Kiva volunteer Teresa Kramer

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