Update on Luz MarinaLuz Marina is happy and thanks Kiva for the previous loan, since as she said, "it has served well for the business, I was able to buy many things like fabrics, a glass cabinet which I filled with beauty products, and I continued to apply my artistry in beautifying women." Currently, she needs to invest in her business because her busiest months for commercial growth are approaching in the months of July and August, and because her providers have great sales and her clientele is growing.
This is the reason she is getting a new loan with which she will buy fabrics, beauty accessories, hair colors, and other items to beautify her customers. This loan she bets will be very successful because she has many new orders, and her customers use her services more and more each time they come back, so she's got this business conquered.
Previous Loan DetailsLuz Marina is 55 and lives in the municipality of San Jacinto. She has a sewing business, through which she has helped her family get ahead. The fact that she is separated, has doubled her efforts to see her children have good professions; a goal she has reached. Like every woman in San… More from Luz Marina'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