Update on Margarita MariaMargarita used her last Kiva loan to buy cosmetics, school supplies and a large display case. The investment paid off and she's now applying for a new loan that she will use to buy merchandise--novelties, purses and other discounted products--that she will resell. She expects to make a good profit from the investment because she can get discounts for the merchandise by paying cash and she already has orders for her products from some of her customers. "I'm grateful for your confidence in my business", she told the loan officer who visited her, "and it's growing by the day".
Previous Loan DetailsMargarita has her own business in the Bonanza neighborhood in the municipality of Soledad. She sells jewelry and a variety of merchandise like cosmetics, perfumes and accessories that are on sale through specialty publications, or that have been ordered by her clients on credit or with cash. She ... More from Margarita Maria's previous loan »
About Fundación Mario Santo DomingoFundación Mario Santo Domingo (FMSD) is a non-profit organization in northern Colombia dedicated to developing programs for the country’s poorest communities. In addition to numerous social services, FMSD runs a microfinance program to strengthen micro-businesses in the areas where it works. The organization also offers several non-financial components as part of this program, including training to help entrepreneurs start their own businesses.
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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Success!! The loan was 100% repaid