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Fredy

Update on Fredy

Fredy used his previous loan to buy an industrial machine, raw materials and supplies. With this new investment, Fredy took a step forward because he improved production time, increased the quality of the purses and shoes he manufactures and his capacity for volume purchases lowering his costs and increasing sales. He currently plans to access a new Kiva loan to buy larger amounts of buckles, glue and leather he plans to use to produce new designs and to have the best yearly sales. His message to Kiva lenders is: “I am very grateful to you for the support to continue growing and developing my business.”
View original language description ↓
Con su anterior crédito Fredy compró una máquina industrial y materias primas e insumos. Con esa nueva inversión, Fredy dio un paso adelante, porque mejoró los tiempos productivos, aumentó la calidad de los bolsos y calzados que fábrica y su capacidad de compra en volumen, disminuyendo los costos e incrementando sus ventas. En la actualidad planea acceder a un nuevo credikiva, con el cual comprará en mayor volumen hebillas, pegantes y cuero, con lo cual planea producir nuevos diseños y hacer su mejor venta del año. Su mensaje a los financiadores de Kiva es el siguiente: “Les estoy agradeciendo el apoyo para continuar con el crecimiento y desarrollo de mi negocio.“

Previous Loan Details

Fredy is a married man who has two children, ages 13 and 19. He is a leather craftsman who established his business as a way of generating extra income. His dream is to expand his business so that he can continue improving his family’s well-being. Fredy is a hard worker. When he retired from ... More from Fredy's previous loan »

Additional Information

About Fundación Mario Santo Domingo

Fundación 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.

About Colombia

  • $11,100
    Average annual income
  • 571
    View loans »
    Colombia Loans Fundraising
  • $14,881,725
    Funds lent in using Kiva
  • 1,786.0
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $650 helped Fredy to buy supplies.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 17, 2012
Listed
Aug 14, 2012
Currency Exchange Loss:
Possible
Ended:
Aug 19, 2013