Mt Kilimanjaro – Family sets precedent for community by paying back first micro-loan early – 22 April 2016

The MBN family has finished making repayments on their small business loan one month ahead of schedule. On 2 Feb 2016 they received a loan of 50,000 TZS (US $23.81) from their Vicoba group, which was meant to be repaid in 3 months. They repaid the loan in full on 19 April 2016, two weeks ahead of schedule. Now the family is hoping to receive 100,000 TZS from the group.

The 50,000 TZS loan was to purchase 25 kg of sugar in bulk to sell out of their small shop. If they can get another loan they want to purchase 50 kg of sugar.

The repayment is important not only for the MBN family but for the entire Vicoba program they are a part of. They are setting a precedent that loans can and will be repaid, and that there is a benefit to the loan recipient if they make timely payments.