Update on JennyJenny bought a large volume of merchandise and handicrafts to restock her business. As a result, she has done very well. She feels very satisfied and has received many orders for backpacks, necklaces, hats, wooden ornaments, and bracelets.
For this reason, she is applying for a new Kiva loan so that she can buy more merchandise and increase her operating capital. Jenny sends the following message to the Kiva lenders: “I am extremely grateful for the help I received and hope that this program extends to every city in Colombia.”
Previous Loan DetailsJenny, 55 years old, is an enterprising woman who has 4 children, aged between 22 to 35, and lives in the city of Barranquilla. She has had a store here since 1982. She had no source of income and decided to begin her enterprising adventure with a little capital, renting a space where she instal... More from Jenny'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
- 27 months (Additional Information)
- Repayment Schedule
- Aug 29, 2012
- Sep 28, 2012
- Currency Exchange Loss:
- Oct 17, 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.