Update on Xiomara ElenaWith her previous Kiva loan, Xiomara purchased primary materials like cloth, sliding thread, buttons, and, in general, everything she needed to fill her customers' orders. In that way she generated a little more profit, so she invested that and increased her profits.
Now she plans to continue growing. To do that she is getting another Kiva loan with which she will again purchase a greater volume of bolts of cloth in order to get a discount for buying wholesale and in cash. She will take advantage of the fact that she has a stable customer base which is very punctual in paying her, and she is very satisfied with this.
Her message to the Kiva lenders is the following: "Thank you. Keep supporting the dreams and goals of micro entrepreneurs."
Previous Loan DetailsXiomara, 46, is married and has 5 children whose ages range from 13 to 26 years. She lives with her family in the Las Américas neighborhood, a community that is undergoing community organization; under her mother’s leadership the neighbors that live there have united and managed to equip parks.… More from Xiomara Elena'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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