Update on OlgaOlga used her previous loan to buy raw materials and ingredients and this time was able to pay cash and to buy larger amounts. This really makes her happy because her income has improved as her costs have been lowered and the sale of lunches has increased.
Right now she plans to apply for a new loan with which she will buy food in greater volume because she wants to increase one more time the amount of her sales and be able to maximize her capital. She wants to share her happiness by saying to the world that her daughter has finished her technical studies and now her salary will increase.
To Kiva she sends the following message: "Thank you for the support you have offered us, especially so that the poor can work without asking for loans from people who would take advantage of them." And this is exactly what the success of Kiva is all about.
Ella quiere compartir la alegría de decirle al mundo que su hija terminó su carrera técnica y se ahora su salario será mejor. A Kiva le manda el siguiente mensaje: Gracias por el apoyo que nos brindan, especialmente para que los pobres puedan trabajar sin prestarle a los usureros. Y esto es justamente el éxito de KIVA
Previous Loan DetailsOlga is applying for her second loan with Kiva because she wants to make improvements to her business premises in order to provide her customerswith a more comfortable environment. She was happy with her first loan with Kiva because she was able to buy raw materials and ingredients wholesale, as… More from Olga'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
- Repayment Term
- 15 months (Additional Information)
- Repayment Schedule
- Jun 29, 2012
- Jul 28, 2012
- Currency Exchange Loss:
- Jul 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.