Update on AbbassAbbass is 47 years old, married and the father of five children. He has owned a grocery store since 1980. He sells soft drinks, juices, cheese and dairy products.
He has 32 years of experience in this field and a deep understanding of his customers needs. His store is in a very good area with lots of customers passing by.
It is common at all levels of this society for people to have multiple businesses, which is why Abbass also does vehicle body work. He enjoys this business and hopes to improve and expand it as much as he can by opening a suitable garage and buying all the necessary equipment. Until he can afford the capital he needs to do this, Abbass has decided to apply for a loan to buy a new van to to fix its body and sell it, which will generate additional income.
This is his fourth loan, from Al Majmoua, a Kiva partner, after repaying his first three loans completely and on time and thereby becoming a borrower in very good standing.
Abbass is aiming to earn more profits so that he can provide a better life for his family and to open a repair garage.
Previous Loan DetailsAbbass is 46 years old, married and the father of five children. Since 1980, he has made a living by owning and running a store where he soft drinks, juices, cheese and dairy products. He has 31 years of experience in this field and a deep understanding of the needs of his customers. His store is... More from Abbass's previous loan »
About Al Majmoua – Lebanese Association for DevelopmentThe Lebanese Association for Development – Al Majmoua is Lebanon’s leading microfinance institution and the oldest Kiva partner in Lebanon. Al Majmoua’s vision is to “be the leader in creating an inclusive financial system where all people in Lebanon have access to affordable services.” Given Lebanon's diverse population, Al Majmoua lends to all nationalities, provided legal residency. The strong financial position achieved to date has allowed Al Majmoua to steadily lower its pricing over the years.
Based on the belief that non-financial services play a complementary role in improving the quality of life of the most vulnerable entrepreneurs, Al Majmoua has established a solid Business Development Services program for both borrowers and non-borrowers with a focus on women and youth.
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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