Update on Ingrid PatriciaIngrid Patricia used her previous Kiva loan to buy glasses, frames and other merchandise wholesale and for cash. She received discounts and was able to slightly increase her working capital. She is currently applying for a new Kiva loan which she plans to use to buy merchandise associated with Carnival season. This is one of the busiest seasons of the year for her in terms of sales. The money that she invests will be quickly recovered and she will be able to re-invest it. In addition, because she will buy in bulk she will obtain special prices which will please her customers and will increase her own profits. Ingrid is very grateful for the financial support that she receives from Fundación Mario Santo Domingo and Kiva. She hopes to repay them for their support by repaying her loan on time.
Previous Loan DetailsIngrid Patricia is a young woman who works selling glasses, sunglasses, frames and cases in a small stand that she has near the Metrocentro shopping area and very close to the Metropolitan Stadium, home of good soccer in Colombia. Ingrid started her business in 2004 and gradually with the financing… More from Ingrid Patricia'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
- Repayment Term
- 10 months (Additional Information)
- Repayment Schedule
- Feb 15, 2012
- Feb 22, 2012
- Currency Exchange Loss:
- Jan 15, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.