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Joseph

Update on Joseph

Joseph, age 35, runs a retail shop to earn a living. He has been in the business for eight years and describes his business environment as good because there is limited competition. He and his wife have one child.

Since he joined Faulu Kenya, Joseph has been able to place some of his income into savings and hopes to be financially stable in the future. He has applied for a loan in the amount of 70,000 Kenya Shillings to buy sugar, rice, and cooking fat to offer for sale in his store.

Previous Loan Details

Joseph is a 35-year-old businessman. He operates a retail shop in one of the Nairobi slums and employs one person. He has been operating this business for the last eight years and hopes to grow it into wholesale in five years time. He is requesting a loan of 60,000 Kes to add stock of sugar, rice... More from Joseph's previous loan »

Additional Information

About Faulu Kenya

Faulu 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.

About Kenya

  • $1,800
    Average annual income
  • 919
    View loans »
    Kenya Loans Fundraising
  • $41,691,075
    Funds lent in using Kiva
  • 82.3
    Kenya Shillings (KES) = $1 USD
Expired
A loan of $875 helped Joseph to buy sugar, rice, and cooking fat to offer for sale in his store.
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 2, 2012
Listed
Mar 5, 2012
Currency Exchange Loss:
Possible
Expired:
Apr 4, 2012