Update on LauratuLauratu is 38 years old, married to a trader, and has four children. In 1999, Lauratu established her "gara" (locally dyed) textiles business. She began this business because she wanted to be self-employed and believed that she could earn enough income to help her husband provide a livelihood for their family. Working six days a week and 10 hours a day, Lauratu earns about 900,000 SLL a month. She makes good quality "gara" clothing and does her business by public transport twice in a month.
Lauratu is requesting a loan for 3,000,000 SLL, which she will use to buy "brilliant" fabric and quality dye. She hopes that this loan will enable her to increase her monthly profits by approximately 300,000 SLL.
Lauratu used the proceeds of her last loan to provide a livelihood for her family and pay school fees for her children. She was not able to start the house construction because she did not make enough profit to do so. She still plans to construct a house, open a saving account, pay her way for a pilgrimage to Mecca (Holy Land), and support her children's education. Lauratu is very determined and hopes to continue working hard to pay off her loans so that she can access more loans.
Previous Loan DetailsThis is 37-year-old Lauratu. She is married to a trader and has four children aged 5, 8, 12 and 15 years. In 1999, Lauratu established her "gara" (locally dyed) textiles business. She began this business because she wanted to be self-employed and believed that she could get enough income to hel... More from Lauratu's previous loan »
About the Association or Rural DevelopmentThe Association for Rural Development (ARD) is one of the leading microfinance institutions in Sierra Leone. Established in 1989, ARD has offered individual and group loans to support small-scale businesses across the country for two decades. You can learn more about ARD on its partner profile page, support the organization and its staff by joining the ARD lending team, or lend to another one of its borrowers currently raising funds on Kiva.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
About Sierra Leone
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Success!! The loan was 100% repaid
- Repayment Term
- 8 months (Additional Information)
- Repayment Schedule
- May 3, 2013
- May 23, 2013
- Currency Exchange Loss:
- Nov 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.