Update on NancyNancy used her previous loan to buy fabric, thread, lace and clothes-making accessories. Her loan was beneficial because she was able to acquire raw materials and produce more without having to depend on customer advances. Today, she’s applying for a new Kiva loan to buy raw materials like fabric, thread, lace, zippers and buttons. She believes the investment will be successful because she has more than 40 years’ experience in her business and she’ll take advantage of a peak sales season; Nancy has a well-established clientele. She sends the following message to Kiva lenders: “I thank you for all the help received and I wish much health and prosperity for you and your families.”
Previous Loan DetailsNancy, 62, is the owner of a clothes making workshop located in her home at Villa Paraiso, a suburb of Barranquilla where her three children, aged 33 to 38 years old, were born. From an early age Nancy enjoyed sewing and that's why she trained in it. She started her business 40 years ago in this ... More from Nancy'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
- Repayment Term
- 14 months (Additional Information)
- Repayment Schedule
- Sep 30, 2012
- Sep 25, 2012
- Currency Exchange Loss:
- Oct 18, 2013
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.