Update on Aura SofiaAura is applying for a new Kiva loan, and it is the third which she has received from the Fundación Mario Santo Domingo [Mario Santo Domingo Foundation]. With this new investment she will purchase clothes, accessories, school shoes, and carnival items, which are the main requests her customers have made of her during this season when her sales usually increase. With her other Kiva loans, she was able to increase her number of customers in Bosconia, Cienaga, Monteria, and Cartagena, Colombian cities and towns she travels to so as to make her best sales. She has the following message for her financiers: “I am very grateful to Kiva and the Fundación Mario Santo Domingo. I hope to continue prospering with your financial support.”
Previous Loan DetailsAura O. B. is receiving her third loan from Fundación Mario Santo Domingo, which is her second through Kiva. She plans to buy clothing and baby accessories in bulk and with cash. Aura is extremely satisfied because each time she invests in her business, her capital increases and she is able to ... More from Aura Sofia'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