Update on FredyFredy 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.”
Previous Loan DetailsFredy 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 »
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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