Update on JulioJulio used his previous loan to purchase medicines such as anti-inflammatory drugs, antihistamines, antibiotics, and flu syrup. With his business well stocked, Julio managed to increase his sales as a direct result of his Kiva loan. He is currently applying for a new Kiva loan, which he will use to purchase medicines, especially those used for therapy and cosmetics, so he can increase his supply. Julio’s new Kiva loan will allow him to gradually increase his working capital and to make purchases in larger quantities than he normally does—this, in turn, will allow him to get discounts on products, which will provide him with a significant profit margin.
Julio sends a message to Kiva lenders: “Thank you for your solidarity and your support to the microenterprise sector. With your help I have managed to get ahead.”
Previous Loan DetailsJulio, 56, has a pharmacy in the center of the city of Barranquilla and in a very commercial area. This business grows more each day, and Julio has to constantly buy medicine to be able to meet the increasing demand. With his years of experience, he is very sure that investing and having cash on-... More from Julio'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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Success!! The loan was 100% repaid