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Freincy
Freincy, 36 years old, lives southwest of the city with his wife and their two children who are 15 and 16 years old. He studied through the 7th grade and when he was 17 years old quit studying and started working. He began as a helper in a restaurant and in bakeries, where he worked for almost 10 years until he decided to start his own business. After working a while as an assistant making cabinets and learning a lot in this business, he was able to open his own business in his community. Today it has been five years since he started making profit in this business, with allows him to support his family. He makes entertainment centers, display cases and other items from wood. He does not only sell to neighbors but also to a select clientele which he has built.

His goal for the future is to buy a house for his family and have a commercial space for his business that has better conditions than where he is currently located. This is the first loan he has taken out through Kiva, as well as the first financial assistance he has received from the Mario Santo Domingo Foundation. He will use it to buy raw materials in large quantities like plywood and paint. His investment will be successful because by purchasing in bulk he will get discounts which will increase his profits and also because he has current customers who like his work and who highly recommend him. Aside from working persistently, he also manages an accounts receivable turnover which does not exceed 34 days and has a return on sales not less than 30.7%.
View original language description ↓
Freincy de 36 años de edad vive al sur occidente de la ciudad con su cónyuge y sus dos hijos en las edades de 15 y 16 años; él estudió hasta séptimo grado y a sus 17 años de edad debió abandonar sus estudios y dedicarse al trabajo. Así empezó como ayudante en un restaurante y en panaderías, donde estuvo alrededor de 10 años, hasta que decidió emprender su propia aventura de negocios, después de haber trabajado un tiempo también como ayudante de ebanistería y aprendió mucho en este oficio, que en el futuro logró poner al servicio de su propia autonomía y principalmente de su comunidad. Hoy tiene 5 años de estar generando ingreso con los que sostiene su hogar, mediante la fabricación de multimuebles, escaparates y otros artículos en madera, que no solo compran sus vecinos sino también una selecta clientela que ha construido. Su meta mas adelante es comprar una casa para su familia y tener un local en mejores condiciones que en el que está ubicado. En la actualidad está aplicando a su primer credikiva, también primer financiamiento que hace a la Fundación Mario Santo Domingo, con el cual comprará materia prima por volumen como madera triplex, pintura su inversión sería exitosa porque ganará descuentos que aumentaran sus utilidades y porque además tienen clientes activos que reconocen su trabajo y lo recomiendan permanentemente. Mientras trabaja insistentemente, maneja una rotación de cuentas por cobrar no mayor a 34 días, y una rentabilidad sobre las ventas no menor de un 30,7%.

Additional Information

About Fundación Mario Santo Domingo

Fundación 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.

About Colombia

  • $6,070
    Average annual income
  • 174
    View loans »
    Colombia Loans Fundraising
  • $12,834,025
    Funds lent in using Kiva
  • 1,774.0
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $650 helped Freincy to buy raw materials in large quantities like plywood and paint.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 23, 2012
Listed
Mar 13, 2012
Currency Exchange Loss:
Covered
Ended:
Apr 18, 2013