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Friday, February 10, 2012

Solidarity Group Lending

Solidarity Group Lending
This is a group loan product targeting self employed households and youth living in and around Dar es Salaam defined as:-
  • Self employed women, men and youth working in the informal sector
  • Small and medium enterprises with potentials to increase employment capacity.
Credits shall be extended to individuals within the target market who are:
  • Members of viable small group of five persons voluntarily formed, they are friends, living in neighborhoods and doing business. (Only like-minded members who enjoy mutual trust and are not from the same household or same rented house or sisters and brothers If more than one person from the same household wishes to become a member, they may do so by becoming members of another small group of five in the same locality or neighborhood).
  • They must be of same sex, knowing each other and each others’ businesses.
  • The group will have to be registered at the bank under a guarantee of one Financial Center which comprises of ten such groups (50members).
  • Membership fees for each member is Tzs 2,000.00
  • Loan repayment is on weekly basis, to be completed within three, six nine or twelve months.
  • A weekly saving of at least Tzs 1,500.00 per week has to be deposited at the bank.
  • The five member groups will guarantee each other, and the group will be guaranteed by the center of 50 members.


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