In a bid to ease the commuting of business people within Calaba Town to access their service in Rokupr, Salone Microfinance Trust (SMT) on Friday 18th January, 2018 opened its second branch in Freetown at 73 Main Motor Road, Calaba Town. The office which is strategically located at the center of business transactions at Calaba Town will provide loan services to business people who meet the required criteria to access the funds which is payable through a monthly payment plan. SMT Board Chair Madam Francess Kondoh encouraged her team to select credible market women and business men to access the loans and appealed to those who will be successful not to spend it on extravagant things. “Things are difficult these days, so within the next one month when you would have received the money please ensure that you pay on time. When you want it from us we know how desperate you can be, so we do not want you to drag your feet when it is payment time” she appealed. She further warned that when they start chasing them for defaulting on their payment they will start complaining, “but SMT do not receive this money for free, they also took loans from another firm, so as you pay back they will in turn have to repay the loans they took which is being credited in dollars” she presaged. SMT started its operations since 2004/05 covering 9 districts across the country, and this the Managing Director Archibald Shodeke says is to assure the business people that they are here to stay and do not do things in an uncharacteristic manner but rather with a purpose. Their aim he says is to promote their business that will benefit the small scale businesses as is evident in their motto “improving businesses and transforming lives.” He went on to allay their fears that they are not coming to Calaba Town to take business people to the police. “There are those who planned themselves well to take a loan and there are others who do not plan themselves at all. We stand to empower women and businesses, so we need the business community to be serious” he said. Shodeke said that there are a lot of women in the business sector, which is why they want to pay great attention to them, and that the new branch will be empowered to meet their business needs. “But I want to emphasize on the fact that we want to create partnership, because apart from financing you, we will be educating you on the usage and disbursement of finances.” Operations Manager Amie J. Collins who is in charge of financing the distributors and evaluating the conditions for the qualifications of loans for the customers and the community cautioned that they do not give loans to people who are not engaged in business. “We will not lend money to lazy and inactive people” she said. The pattern of financial disbursement and distribution which they refer to as product is being divided into several categories. Firstly they give group loans to 5 people with similar businesses in the same community and who can vouch for each other, which serve as their collateral. The group loan ranges from Le800,000 up to Le2.5 million for an individual in that group. The individual loans target one person, and that person can take a loan starting from Le5 million up to Le39 million. The small and medium enterprises category which they referred to as the Bomba loan starts also from Le40million to Le180 million and is specific for those with big businesses, “when you come to our office the specialists will tell you the specifics and requirement to such loan.” They also give out salary loan to workers, Okada and Keke loan, “we don’t give you money to buy the Keke instead we will loan you the Keke or Okada and the repayment plan for this two is done every two weeks. “We always want you to pay on time or even before the time as paying on time encourages us to service you quickly and easily. Salone Micro finance trust is a Sierra Leonean business and we are here to stay.” Inspector Beatrice Conteh speaking on behalf of the Police urged the business people to pay up so as to avoid the police. “I know some of you will take the loan and relocate. I will follow you anywhere you go. It’s not witch hunt” she warned. She advised them not to take the loan and start cooking to impress their husbands, or buy them clothes, “we encourage you to do something that will make your husband respect you and make you an independent woman.” Other speakers included the Chief, Councillor and Chairlady of the Market Women who warned those who are planning on taking loans from SMT to be honest and invest it well in their business and cautioned that anyone who knows an individual who has multiple debts in another loan scheme should inform SMT.
By Zainab Iyamide Joaque
Monday January 21, 2019.