Update on MónicaWith her previous loan, Mónica was able to improve her sales and invest in merchandise such as food products, sweets, and caramels to restock her business and sell at every opportunity. She currently offers professional services, such as beauty consulting, and has also done very well in these ventures. At one point, business was slow and she encountered financial difficulty, but she was able to recover. Mónica plans to improve the services to her customers and buy a larger quantity of food products and various merchandise to restock her business and gain better positioning.
Her message to Kiva lenders is as follows: "I am grateful to Fundación Mario Santo Domingo and Kiva for the financial resources that have been given to me so that I can continue my business and improve my family life, as well as grow personally and financially. I hope to continue receiving your support."
Previous Loan DetailsMónica B.’s first Kiva loan went very well, and she has planned to renew it because she needs to supply her business for the month of December. She tells us that she has counted on Fundación Mario Santo Domingo for good counsel and service. Currently, she would like to access the market of st... More from Mónica'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