Update on Magaly EstherWith her credikiva, Magaly bought bags, shoes, cosmetics, books and general stationery which she sold and increased her working capital a little.
In Malambo, the town where Magaly lives and has her business, her clientele has been increasing and this is very good for her. She is currently applying for a new credikiva which she will once again use to buy bags and shoes which potential buyers have requested from her catalogue, and she will also stock her display cabinet with new stationery to reawaken attention, interest and purchasing action among her customers.
Her message to the Kiva lenders is: "I am very grateful for the loan because it is a great help to grow my business. I have made efforts to pay well so that you continue to support me"
Previous Loan DetailsMagaly Esther M. is 58 years old and she lives in the Municipality of Malambo. She has a general store where she sells a variety of snacks, skin lotions, personal hygiene products, handbags, lunch boxes, school supplies, and office supplies. She started out selling cosmetics, taking orders 13 years… More from Magaly Esther'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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