Update on Nancy LorenaNancy bought many items with her previous Kiva loan: clothes, small home appliances and much costume jewelry. She’s very happy because her credit sales volume increased and her merchandise turned over quickly.
Today she wants to continue helping herself out with a Kiva loan and is applying for a new one by means of which she’ll buy footwear, lotions and cosmetics, products she’s not yet introduced into her market and with which she will diversify her offer based on prior orders she’s received.
She thanks Kiva for its support and we at the Fundación are betting that her investment will be equally successful as the previous one was because she’s a woman who seeks her family’s wellbeing by working persistently alongside her spouse.
Previous Loan DetailsNancy has a business selling merchandise in Almirante Colón neighborhood, in the city of Cartagena. There she sells household products and also clothes and cosmetics. Her current assets are represented in her stock which has a turnover period of 11 days. As she recovers her accounts receivable… More from Nancy Lorena'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
- 26 months (Additional Information)
- Repayment Schedule
- Jul 18, 2012
- Jul 30, 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.