Benkedi Ii Group
* not pictured
Update on Benkedi Ii Group
Koro Sinaly is 37 years old and she lives in Mali. In the photo, she is the woman holding a bowl full of tomatoes. She lives with her husband (a farmer) and her five children ranging from ages 1 to 20. Four of her children go to school.
Koro Sinaly has turned to the RMCR to finance her purchase of seeds and fertilizers. She will use these seeds and fertilizers to cultivate her garden as she has been involved in market gardening for the past 15 years.
Thanks to her profits (150,000 to 200,000 CFA francs per loan cycle, so about 30,000 CFA francs per month), she is able to cover her family’s day-to-day expenses. Koro Sinaly uses her loans to buy seeds and farming inputs (pepper, onion, tomatoes as well as seed treatment products). She stocks up at local markets and resells her produce at the same venues.
In spite of the challenges she faces due to the lack of rain, she is happy to generate enough earnings to be able to pay for the children’s school supplies. In the future, she would like to provide her children with all the necessities of life, so that they can reach their academic and professional goals.
Previous Loan Details
Abou, the woman with her hand on the sheep, is 56 years old; she lives in Mali. She is a widow and lives with her five children, aged between 16 and 30 – all of them are farmers. In the future she wants to buy working oxen for her children so that they can increase their production capacity. She … More from Benkedi Ii Group’s previous loan »
More information about this loan
This loan is part of RMCR’s community bank loan program. Borrowers are organized into groups of 10-35 members, are mutually responsible for repayments, and can access voluntary savings services. Group members can use loans for any income-generating activity. Common activities are farming, raising livestock and commerce. Terms and payment frequency can vary according to borrowers’ business cycles. By supporting this loan, you’re helping borrowers access credit and support each other through the loan process.
Réseau de Micro-institutions de Croissance de Revenus (RMCR) is an NGO that provides credit to low-income communities in rural Mali. The organization offers community bank loans, from which borrowers can graduate to solidarity groups, and from there to individual loans. RMCR customizes the loans it offers in order to fit the unique business cycles of livestock, farming, and commerce activities.
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.
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.