Update on Francisco ManuelFrancisco is a man who is continuing with his scrap metal business where he’s done well all these years; he will invest in more materials to sell. Thanks to the loan he was able to increase his capital generating improved profits.
With his last loan he was able to finish building his wall to provide increased security for his property as well as for his family. He is happy about this improvement since he continues working in his small business with his wife.
He will use the new loan to buy aluminum, bronze, iron, copper and steel to meet his business’ demand.
Con su credito anterior logro terminar su muro, que le da mas reguardo a su propiedad, como mejor seguridad a su familia, lo que esta contento por esta mejora y que junto a su esposa siguen trabajando en este pequeño negocio.
Con su nuevo financiamiento, invertira en la compra de alumino, bronce, hierro,cobre, acero, para, cumplir con la demanda de su negocio.
Previous Loan DetailsFrancisco is a hard-working man and father of five children. He owns his own business, which buys and sells scrap metal. He started the business five years ago and has always had many customers. He works out of his own truck which he was able to buy thanks to the effort he has put into his work… More from Francisco Manuel's previous loan »
About AFODENICThis loan is administered by AFODENIC, La Asociación para el Fomento al Desarrollo Nicaragua, a Kiva Field Partner based in Managua, Nicaragua. Founded in 1999, AFODENIC was created to promote the socio-economic and cultural development of sectors that are excluded from commercial banking. Integrating economic and human resources, AFODENIC offers affordable and adaptable financial services aimed at strengthening the family unit of their clients, who include students, producers, and micro- and small entrepreneurs from rural and urban areas. AFODENIC is a socially responsible institution engaged in society and making a positive impact on its professional partners and communities.
Supporting a borrower through AFODENIC contributes to the pursuit of innovation in mitigating poverty in Nicaragua. Visit AFODENIC’s partner page for more information.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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