Update on Luis EnriqueWith his last Kiva loan, Luis bought sports equipment and general merchandise like t-shirts, shorts, hats, socks, flags, posters, blouses, skirts and various other items in both bulk and with cash.
With his new Kiva loan he plans to stock up his 2 new businesses with a larger quantity of sports equipment and seasonal items for the times of the year when his sales tend to increase like mother's day, father's day etc.
His message to Kiva's lenders is as follows: "Thank you very much for the financial support you have given me, I hope to keep expanding my business and improving the level of life for myself and my family, with you and with the Fundacion Mario Santo Domingo."
Previous Loan DetailsLuis is applying for his third Kiva loan and is satisfied with his self-employment. With his previous loan he bought sports articles like pants, t-shirts, socks, sandals and posters in bulk and with cash. Now with his new loan he will take advantage of what will soon be the Metropolitan Stadium i... More from Luis Enrique'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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