October's KIVA loan goes to the five women who make up the Danaya Group. All five women are married, average 38 years old and have three children. They live in the traditional polygamous families in the Djalakorodji district of Bamako, Mali. They know one another through neighbourhood ties, family and business. They have a variety of businesses. Sitan sells second-hand clothing, Maïmouna sells incense, Mariam sells hair extensions, Fatoumata sells spices and Aïché sells vegetables in the market.
|Sitan, Mariam, Fatoumata, Maïmouna, Aïché|
Sitan (sitting on the far left in the photo) is well-known in the community for selling second-hand clothing. She plans to use her loan to buy two large bales of clothing from Médine. She will then go house-to-house on foot selling the clothing, mainly to women in their homes.
Sitan expects to earn a monthly profit of about $55.00 USD, which will be used to pay for health care for her children. She hopes to increase the size of her business through having a larger selection of clothing to offer to her customers. All the group members hope to increase the size and profitability of their businesses by improving their selection of merchandise.
The group is working with KIVA's field partner, Soro Yiriwaso. This will be their second group loan. Soro Yiriwaso is a partner of Save the Children. Soro Yiriwaso's mission is to increase the economic opportunities of Malian entrepreneurs, especially women. Soro is a microfinance institution started by the Sahel field office of American non-governmental organization Save the Children. Soro lends solidarity-based credit to poorer borrowers, and was officially registered by the Ministry of Economy and Finance of the Malian Government in 2003.
As a rurally-focused microfinance institution, Soro’s product portfolio is focused on two sectors: agriculture and commercial business. Agriculture loans include seasonal loans for groups of female farmers and individual loans for buying, stocking and commercializing agricultural products.
The organization’s commercial loans include loans for entrepreneurs running small-to-medium sized enterprises who need working capital or additional equipment to grow and generate more income. Group loans are also available to support women involved in small business.
We have extended loans to about 10 women's borrowing groups in Mali and found they are very conscientious in repaying their debts on time, and in every case they report the loan has enabled them to improve their business and financial stability through hard work and careful management. We're so happy to be able to partner with these dedicated women and help them, in our own modest way, to reach their goals of providing better lives for themselves and their families.