Increase SOS Fund to Save Expiring Microloans

On the platform Poverty 2 Prosperity uses to fund loans, some loans are group loans.  Group loans provide a support structure for the borrowers, and in some locations have mutual responsibility for the loan in its entirety.  In Senegal, it is a long tradition to pool money and then each member of the group will use the funds for a period of time.  Because individuals don't have much cash, the pool is fairly small.  By having access to outside funding, the group can buy in bulk or do larger projects that would otherwise be too costly.  This quarter, we will feature a loan from Senegal which was funded by the SOS Loan Funds.  The SOS loan fund, which you contributed to, has had over $30,000 loans repaid.  Thank you for contributing!

The group of 27 members belongs to the Banc Villageois in Senegal which was set up in February 2006. It groups together women, the majority of whom live in the same village and its surrounding areas. They enjoy a relationship of solidarity and are primarily active with small businesses and animal raising. 

Mbene, is the star borrower of the group. She is 35 years old, married and mother to six children, three of whom are girls. She has been buying and selling cereals and sorrel for years. 

With this new loan she is planning to buy 10 barrels of millet and 25 kilos of local beans. She is also planning to buy eight bowls of sorrel. The rest of the loan will be used to cover transport costs and for preparing the millet. The profits she makes will put into her savings at the Banc Villageois but also used to take care of her family, and above all, her children.