Update on RiadRiad is a 45-year-old married man living with his wife and four children in Tripoli. Riad opened a barber shop 16 years ago and he's working hard to improve his business.
This is his second experience as an Al Majmoua borrower. His last loan helped a lot in improving his income, that's why he was excited to apply for the second one. His last loan was requested for buying new products necessary for his business such as gel, shampoo, hair creams, and many other useful things requested by his customers. Today he is applying for the same reason and because such products needs to be updated most of the time, and he has to take good care of the new releases.
Riad is a man with a very good reputation. His customer service is remarkable.
His business is a major support for his family and that's why he puts so much effort on improving it. He hopes to keep on improving it and attracting new customers. He is still planning to expand his business to meet with his customers needs through starting one day facial treatments and many other different services.
Previous Loan DetailsRiad is a 44-year-old married man, living with his wife and four children in Tripoli. Riad opened a barber shop 15 years ago, and he's working hard to improve his business. This is Riad's first time to request a loan from Al Majmoua, and it's because he wants to buy new products necessary for his… More from Riad'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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Success!! The loan was 100% repaid
- Repayment Term
- 20 months (Additional Information)
- Repayment Schedule
- Jul 17, 2012
- Jul 30, 2012
- Currency Exchange Loss:
- Nov 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.