Update on MarelisMarelis purchased raw materials such as cloth for school uniforms and various accessories to sell in her business as a merchant, and she managed to sell her entire investment. She is very happy since thanks to the financing from the Fundación Mario Santo Domingo and Kiva she has managed to organize her workshop, have a larger number of machines, and work much more comfortably. Currently, she is preparing to receive a new Kiva loan which she will use to purchase cloth in wholesale quantities and with different specifications so she can have stock and design dresses in accordance with the coming season. She will receive discount prices which she will transmit to her business’ profits, and in this way her Kiva loan will provide her with success.
Previous Loan DetailsMarelis is a 57 year old woman who lives with her husband and their three children, who range in age from 28 to 35. They live in the San Jacinto municipality in the Bolívar department. It is known for the variety of hammocks and handicrafts the population makes with a vertical loom as part of… More from Marelis'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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- Repayment Term
- 21 months (Additional Information)
- Repayment Schedule
- Jul 27, 2012
- Aug 24, 2012
- Currency Exchange Loss:
- Feb 21, 2014
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.