Update on AmbrosioThis is Ambrosio’s second Kiva loan, and he is very happy about what he has achieved in his sales. He sells cooking oil, rice, coffee, sugar, detergents, general personal care items, and soft drinks. He bought these items in bulk and got discounts.
He is now applying for a new loan because he plans to continue increasing his work capital, keeping his business stocked, and getting discounts for buying in bulk and for cash, which provides better profits.
He sends the following message to his Kiva lenders, “I am grateful for the help I have received, and I wish you and your family much prosperity.”
Previous Loan DetailsAmbrosio, 47, lives in the town of Puerto Colombia, a tourist destination very near the ocean, with his wife and two children who are 19 and 23 years old. He has a store there where he sells snacks, foodstuffs, canned goods, dairy products and other items used for family’s basic needs. His main... More from Ambrosio'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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