With the goal of increasing their business capital, the group members decided to collaborate with the microfinance institution Soro Yiriwaso and are now on their second solidarity loan cycle.
Ms. Ami (sitting second from the right in the photo) is a major vendor of clothing of Wax ’pagnes’ (the colorful cloth of western Africa). She intends to use her loan to purchase 40 lengths of Wax ‘pagne’ cloth wholesale at the big market. In Lafiabougou and by hawking, her sales are made at the retail level to mostly women customers.
With this loan, Ms. Ami hopes to make an average monthly profit of 90,000 francs CFA that will be used for reinvesting in her business and for meeting sundry needs at home.
Madame Ami (femme assise en 2ème position de la droite vers la gauche sur la photo) est une grande vendeuse d’habits (pagnes wax). Elle compte utiliser son prêt pour acheter 40 pièces de pagnes wax en gros au grand marché. La revente se fait en détails à Lafiabougou et en ambulant à une clientèle composée majoritairement de femmes. Madame Ami compte avoir avec ce prêt un bénéfice mensuel moyen de 90 000 FCFA qui sera utilisé, pour être réinvesti dans l’activité et satisfaire les petits besoins du foyer.
Important InformationSoro Yiriwaso is a microfinance institution that works primarily in rural and semi-urban areas of Mali to provide underprivileged communities with access to financial services.The organization facilitates access for disadvantaged clients, particularly women, to new resources and services, fostering solidarity and cooperation among its clients. Kiva lenders’ funds will enable Soro Yiriwaso to expand its outreach and target even more underserved Malians involved in business and agriculture.
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