School staff members from this institution, like many other school staffs within SMT’s operational areas, come to SMT to apply for loans. With the help of these loans, they can accomplish certain tasks that they would otherwise be unable to accomplish with their salaries alone. With the help of this loan, some can pay school fees for their children; others can use the loan to buy pieces of furniture, a plot of land, house-building materials, or invest in business. At the end of each month, these teachers can repay the loan out of their monthly salaries. The institution’s bursar is directly responsible for deducting the repayment and pays SMT on their behalf.
Joseph (who is pictured at the extreme left) is the leader of this group of teachers. Born 40 years ago, this married father of three children has been serving in the teaching profession for three years now and is requesting a loan of SLL 2,000,000 from SMT/Kiva lenders to invest in his business. He will buy locally produce food stuffs like rice, palm-oil, etc. to sell. This loan will thus allow his economic and social status to improve.
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