Update on Eduardo RafaelEduardo has bought materials with which he has created new designs for sandals. His business has changed since he received his Kiva loan, because he was able to fulfill his obligations to all of his customers. His goal later on is to grow his business in order to provide employment to many who need it. He sends this message to Kiva lenders: "Thank you for the support received and for the work that you do worldwide". He is now planning a new Kiva loan, with which he will buy a shop window to exhibit his products, and also invest in materials to produce new designs for shoes for schoolchildren and women's models in general. With this help he feels that he will meet his goals and the dreams proposed by his family little by little and says: "Thank you, thank you very much".
Previous Loan DetailsEduardo is a 63 year-old man who is married and has four children aged between 25 and 38. He lives in Carrizal neighborhood, a cheerful and supportive community full of hard-working people, which combines to perfection good music and microbusiness activities. To be found in the middle of this… More from Eduardo Rafael'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 29, 2012
- Mar 18, 2012
- Currency Exchange Loss:
- Nov 15, 2012
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.