Update on RichmeiRichmei is from the village of Centro napo Tudela. She is 25 years old and single. To make a living, Richmei owns and operates a transportation services business, which she has been doing for two years. She earns 9,800 PHP a month.
During a recent visit to her house, Richmei explains that her prior Kiva loan through Gata Daku Multi-purpose Cooperative, which she has repaid, allowed her to repair the engine of her motorcycle.
Richmei is requesting her fourth loan for 20,000 PHP, which she will use to purchase a second-hand motorcycle for transportation. She decided to add another motorcycle to double her earnings.
In 2009, Richmei joined GDMPC to gain access to financial services to help improve her living situation and ability to engage in business activities. She plans to buy a third motorcycle from her returns to triple her earnings.
Previous Loan DetailsRichmei B. is from the village of Centro napo Tudela. She is 25 years old. Richmei is single. To make a living, Richmei owns & operates a business venture in the services sector operating transportation services. While not the only means for generating revenue, the main source of income for the… More from Richmei's previous loan »
About GDMPCGata Daku Multi-Purpose Cooperative (GDMPC) was founded in 1992 by 32 farmer-members to empower people by providing livelihood opportunities and other support services. Today, it has over 15,000 members located in upland, lowland and coastal regions of the Philippines, and offers credit, savings, education, and various social services.
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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