A $200 microloan changes lives.

However Africa, the continent which needs them the most, receives only 5% of worldwide microcredit loans. Microfinance organizations in Sierra Leone are far and few between and the need is great.

So how is SOSL fulfilling the demand for microcredit financing?

Together through KIVA, SOSL partnered with Salone Microfinance Trust (SMT). With a proven track record of success, SMT operates in the rural areas where SOSL operates. It gives agricultural loans and sponsors any mothers of our students who have the appropriate credits. In only three years, SMT has become a large important participant in the active and progressive microcredit sector in Sierra Leone and SOSL has been able to sponsor 5,000 women in the region.

With each microcredit loan at $200 US dollars and a repayment rate of 97%, this program gives the mothers of our supported students the means to start their own businesses and equips them with the necessary tools and training to not only run and expand a successful business, but also how to repay the loan. When the loan is paid back, the loan is given to another women and again the quality of life for women and their families are vastly improved. Ultimately, microcredit loans are reducing the need on aid assistance and directing individuals and communities toward more sustainable way of life. We’re proud to reveal that in 2009, SMT became self sustainable for the first time which means the interest it charges is enough to covers its operations of 23 full time staff members.