Update on MargaritaMargarita used her previous loan to go to Medellin to buy classical and informal women’s clothes which she then sold to her best customers. Thanks to this she has varied her products and mildly increased her working capital. She is now ready to ask for another loan that she will use to go to Bucaramanga to buy shoes and bags produced with the best leather. She has receives many requests and this investment will be profitable as it will make her as successful as the first loan did. This is her message to Kiva lenders: “Thanks to the lenders for the support they provide to all of us who need an economic aid to carry on with our microenterprises”.
Previous Loan DetailsMargarita R. M. lives in the community of Simon Bolivar, location where music, folklore and education for the people is the most important thing for families. They primarily have independent businesses to generate income for the support of their home. In this environment Margarita has a small bus... More from Margarita'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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