Update on Andres TovarAndres has been able to sell many fast food products thanks to his previous Kiva loan with which he bought raw materials and supplies such as rice, oil, potatoes, cereals in large quantities. Currently he is applying for a new Kiva loan which he will use in two ways: on one hand he is going to make improvements to his facilities and needs construction materials, and on the other hand, he will buy raw materials and supplies expecting an increase in products. He can benefit from buying them with cash and in larger quantities than usual. He sends the following message to the Kiva backers: "I am very grateful for the financing of my project since you have given me the opportunity to increase my production and my income."
Previous Loan DetailsSince Andrés was very young, he would accompany his mother to the market square where she sold pork and rice and fish and rice (a traditional dish of Barranquilla). She had the business for more than thirty years and with her earnings was able to offer wellbeing to her three children as a mother.… More from Andres Tovar'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