Update on OtotoOtoto is 38 years old and is married with two children. He runs a retail shop to earn a living. He has been in the business for 11 years and has employed two people. To earn extra income, he runs a grocery store. Since he joined Faulu Kenya, he has been able to improve his business and hopes to expand his business in the future. He has applied for 80,000 Kenya Shillings to buy sugar, rice, cooking oil and tea leaves to sell.
Previous Loan DetailsOtoto, a hardworking 38-year-old businessman, is married and blessed with two children who are still in school. For the last 11years, he has been managing a retail shop to earn a living. He also runs a grocery shop for extra income. Ototo, who hopes to grow his business into wholesale within fiv... More from Ototo's previous loan »
About Faulu KenyaFaulu 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.
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