Update on PaulPaul used his previous loan of 80,000 Kenya shillings to buy hair braids and cosmetics. He was able to serve his customers in a better way with the additional beauty products. Since receiving the loan, he has witnessed a lot of growth in his business. He has also managed to employ five people in his business.
He has requested another loan of 110, 000 Kenya shillings to buy beauty products and renovate his business premises.
Previous Loan DetailsPaul is 35 years old, married and with two children. He does hair dressing to earn his daily bread. He also runs a retail shop to supplement his income. He has been engaged in the business for eleven years. He runs the business with four employees. Since he joined Faulu Kenya, his living… More from Paul'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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Success!! The loan was 100% repaid