Minerva Del Carmen
Update on Minerva Del CarmenShe is currently applying for a micro-loan (credikiva), her fifth loan investment from the Fundación Mario Santo Domingo, with which she has acquired a set of stable assets and has been able to increase her working capital and also her customer base, strengthening her business. She now wants to invest her micro-loan in materials and comestibles for making pastries and cakes and she will also buy cosmetics which people have already ordered from her. Her goal for the future is to continue acquiring new work equipment and continue to support her family and their well-being, as for this she works always in her business with the intention of achieving her goal. She thanks the lenders at Kiva for their work in providing low cost loans, as these loans have served to make better profits for her.
Previous Loan DetailsMinerva C. Gutiérrez is 58 years old and lives in Cartagena with her husband and two children. For several years she has worked as a pastry chef and caterer for parties, especially banquets. Minerva has always enjoyed taking courses, so she learned the art of baking and preparing specialty dishes… More from Minerva Del Carmen'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
- 20 months (Additional Information)
- Repayment Schedule
- Oct 12, 2012
- Oct 17, 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.