Agnes M.'s Group
This school is seeking its second loan from SMT/Kiva Lenders. With their previous loan, staff of this institution were able to meet their most immediate financial challenges, like paying school fees for their children, buying a piece of land, tables and other furniture, and so on. Having completed repaid their loan, a set of ten new teachers have join the group to seek a new loan. With this loan, these teachers can again meet their immediate needs and with their monthly salaries, the school’s bursar will repay SMT/Kiva on their behalf.
Agnes M. L. (third from left) is the head teacher at the Lower Primary school and head of this loan team. L. is fifty-eight years of age. She was born in Bo, Sierra Leone's second capital city. L. is a widow with seven children, five of whom are already grown-ups and two still in school. She is seeking a loan from Kiva Lenders for the second time to enable her to pay school fees for her children.
(Beneath are a group of teachers not present for the group snapshot.)
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