Update on WilliamWilliam used his previous Kiva loan to buy spare parts for fans, washing machines, pressure cookers and irons; he did very well with them because he was able to provide prompt customer service. He’s now planning to diversify his offer and to add spare parts for refrigerators, air conditioning units and freezers since they are in high demand and he wants to have them on hand which is why he’s accessing a new Kiva loan. His message to Kiva lenders is the following: “A very special thanks to you because the investment I made with the loan was of great help for my family income.”
Previous Loan DetailsMr. William has a micro business selling part for fans, blenders, pressure cookers and used items. He also repairs small home appliances. He started out as an assistant to a brother-in-law who had this type of business and that’s where he learned this occupation to later become independent and ... More from William'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