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Rita Lorena

Update on Rita Lorena

Doña Rita is a single mother and has a her bakery business where she has made cakes and pizza for about 20 years. She has had 4 consecutive loans with AFODENIC to improve the infrastructure of her home and this fifth loan will be used to improve the roof in her kitchen since it is deteriorated and needs to reinforce it with tile since it is the place where she makes her pastries. She later exhibits her work in an area more visible to her customers in her home. To make the repairs she needs to buy zinc laminates and tile, Doña Rita is grateful for the opportunity given to her by AFODENIC and Kiva.
View original language description ↓
Doña Rita madre soltera, siempre manteniendo su negocio de repostería donde elabora pasteles y pizza desde hace aproximadamente 20 años, ella ya ha obtenido 4 préstamos consecutivos con AFODENIC para mejorar la infraestructura de su casa y este quinto crédito lo necesita para levantar el techo de su cocina que ya esta deteriorado y necesita reforzarlo con perlines ya que es el lugar donde prepara sus reposterías y después las exhibe en el área donde hay más visibilidad para los clientes en su casa, para ello necesita comprar laminas de zinc y perlines, agradece la oportunidad brindada a AFODENIC y KIVA.

Previous Loan Details

Rita is a hardworking woman and the mother of two children. She has been a small businesswoman for eighteen years, making and selling desserts in order to support her children financially. Using a little bit of her own money, Rita began making cakes and puddings to sell around the neighborhood.... More from Rita Lorena's previous loan »

Additional Information

About AFODENIC

This loan is administered by AFODENIC, La Asociación para el Fomento al Desarrollo Nicaragua, a Kiva Field Partner based in Managua, Nicaragua. Founded in 1999, AFODENIC was created to promote the socio-economic and cultural development of sectors that are excluded from commercial banking. Integrating economic and human resources, AFODENIC offers affordable and adaptable financial services aimed at strengthening the family unit of their clients, who include students, producers, and micro- and small entrepreneurs from rural and urban areas. AFODENIC is a socially responsible institution engaged in society and making a positive impact on its professional partners and communities.

Supporting a borrower through AFODENIC contributes to the pursuit of innovation in mitigating poverty in Nicaragua. Visit AFODENIC’s partner page for more information.

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 Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

About Nicaragua

  • $4,800
    Average annual income
  • 131
    View loans »
    Nicaragua Loans Fundraising
  • $24,575,325
    Funds lent in using Kiva
  • 23.7
    Nicaragua Cordobas (NIO) = $1 USD

Success!! The loan was 100% repaid

A loan of $850 helped Rita Lorena buy zinc laminates and tile.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 27, 2012
Listed
Oct 1, 2012
Currency Exchange Loss:
Possible
Ended:
Jul 18, 2013