Update on PeterPeter, age 30, sells kerosene to earn a living. He has been in this business for nine years and employs one person to assist him. He and his wife have two children.
Since he joined Faulu Kenya, he has been able to put a portion of his income into savings. He hopes to expand his business to a wholesale one in future. He has applied for a loan in the amount of 100,000 Kenya Shillings to buy kerosene to offer for sale.
Previous Loan DetailsPeter is a member of Faulu Kenya under a group. He joined Faulu Kenya as a businessman who runs a retail shop. Being a member of Faulu Kenya, he is able to save his money with the group, share business ideas, and access loans easily because the members of the group guarantee each other's loans.… More from Peter's previous loan »
About Faulu KenyaFaulu Kenya aims to empower Kenyans by providing relevant financial solutions. Faulu is a sustainable and profitable microfinance institution that offers savings and credit services to over 225,000 Kenyans. Faulu recently became the first MFI in Kenya to be licensed as a Deposit-Taking Micro-Finance Company, which will enable Faulu to better serve its clients.
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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