Update on Miguel AngelMiguel is applying for his second Kiva loan, with which he plans to buy basic materials and ingredients to prepare his foods, and he will also buy tools and repair others, to continue improving his infrastructure. With his previous Kiva loan, he bought a tricycle and ingredients in large volume, and these have served him well, because he is more organized, he obtained discounts, he increased his clientele, etc. His message to the Kiva lenders is the following: I am thankful to the people who supported me with resources through the previous loan, since I was able to complete the planned investments that I needed for the business.
Previous Loan DetailsMiguel Ángel S., 51, is a very creative entrepreneur living in the city of Barranquilla with his wife and 11-year-old son. For the last six months he has been working making chicken with rice to sell. He started this business when he lost his job and his entrepreneurial spirit flowered. He… More from Miguel Angel'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