Asaita Solomon

Status: Refunded

$600.00		Loan Request

About the Entrepreneur

Name:	Asaita Solomon
Location:	Mbale, Uganda
Activity:	Services

About the Loan

Loan Amount:	$600.00
Loan Use:	To increase the stock of the business
Repayment Term:	9 months - View details below
Lenders Repaid:	Monthly
Currency Exchange Loss:	N/A
Date Listed:	Oct 11, 2006
Date Disbursed:	Nov 5, 2006
Date Funded:	Oct 22, 2006
Refund Date:	Aug 22, 2007

About the Field Partner

Field Partner:

Women's Initiative to Eradicate Poverty (WITEP)

Field Partner Risk Rating:

(Learn more)

Closed

42 months

306

$4,500

N/A - No Paying Back Loans

Default Rate:

0.00%

Currency Exchange Loss Rate:

0.00%

About the Country

Country:	Uganda
Avg Annual Income:	$1,700.00
Currency:	United States Dollars (USD)

Asaita Solomon is a single man who is twenty seven years old. He operates a business named "New Max Video." It is a library located in Mbale (Uganda). He started his business in Feb of 2006 with a capital of $200. He now has two employees and also pays rent for the shop at $50 per month. The two workers help him with cutting CDS and renting out VCDs, DVDs, and VHs when he is not there. In addition to this video business, he has a barber shop which he started in 1997 of which he used the profits to start the Video shop (New Max).

However, his business is challenged due to the local competition, but he has an advantage because of his knowledge of what it takes to make a successful business (his barber shop). This is why he has requested a loan of $600 in order to add more items like DVD, VCD players, and phones because he already has the market for them but he needs enough capital to expand. His capacity to pay back is good and he is a person with many ambitions. His main ambition is to study computer science in the University which costs $300 per semester, of which he is trying to save because the program takes three (3) years to obtain a degree.

Lenders to this entrepreneur

Chris
Melbourne, Victoria
Australia

Peter
Winterthur,
Switzerland

Anonymous
Vienna, Wien
Austria

Anonymous
Plymouth, MI
United States

lemming
Somerville, MA
United States

Anonymous
Boone, NC
United States

Anonymous

Justin
Lynden, WA
United States

Alexander
Las Vegas, NV
United States

Jeremy
London,
United Kingdom

Unreel Media
Vancouver, British Columbia
Canada

Anonymous
Cambridge, MA
United States

Anonymous
london, London
United Kingdom

Dennis
Hayward, CA
United States

Journal entries for Asaita Solomon

Received with joy Entrepreneur: Asaita Solomon Location: Mbale, Uganda Solomon received loan money worth $600 from WITEP raised by Kiva. He was very happy to receive the money. The money has already been put in to the business. Thanks a lot for supporting this business.
Posted by Janet Alupot from Mbale, Uganda Nov 13, 2006
Comments (1)

Loan Refunded Entrepreneur: Asaita Solomon Location: Mbale, Uganda This loan has been refunded for the following reason: As you may be aware, each business on Kiva's website is posted by one of Kiva's 60+ Field Partners in 39 developing countries. A Field Partner is an independent microfinance institution that has a history of lending to the poor for a social purpose. They screen each entrepreneur, post his/her profile on the Kiva website, and administer your loan. Kiva routinely audits each Field Partner to ensure your loan is being dutifully administered to the entrepreneur you've selected. In the course of auditing our Field Partner, Women's Initiative to Eradicate Poverty (WITEP) in Uganda, Kiva discovered that some entrepreneurs were not receiving the full amount of their loans. This violates Kiva's policies and we have terminated our relationship with WITEP. All of the loans made to entrepreneurs served by this Field Partner have been refunded. We hope you realize that our audit uncovered a true exception to the norm; the vast majority of our Field Partners administer your loans with the highest integrity. Kiva will continue to audit Field Partners to ensure your loan is being dutifully administered and to make our website a model for transparency in international development. To help inform your choice of Field Partner as well as entrepreneur, we have launched a new feature on the site which helps you evaluate the Field Partner's performance in your lending decision. See www.kiva.org/about/partners/ for details. We hope that you give lending to the working poor another chance by re-lending your Kiva Credit to a new entrepreneur on our site.
Posted by Kiva Staff from Mbale, Uganda Aug 22, 2007
Comment on this entry

Repayment Schedule for Asaita Solomon

Show Advanced

	Expected Repayments	Actual Repayments	Comments
February 2007	$100.00	$20.00	Repayment Received
March 2007	$100.00	$20.00	Repayment Received
April 2007	$100.00	$0.00	Repayment Received
May 2007	$100.00	$0.00	Repayment Received
June 2007	$100.00	$0.00	Repayment Received
July 2007	$100.00	$0.00	Repayment Received