Update on HermenciaHermencia used her previous Kiva loan to buy items like helmets, vests, self-adhesive paper among others and she sold them quickly so her working capital rose slightly as a result. The new Kiva she’s applying for will be used to buy the same items because they are the ones that turn over most in her business generating profits quickly. She is very excited and says to her Kiva lenders: “In my family’s and my name I thank you for continuing to provide us your support and trust so we can continue growing in our business.”
Previous Loan DetailsHermencia is applying for her second Kiva loan. The first she used to buy accessories for motorcyclists such as vests, reflectors, letters and decorations that sold quickly, and she made important profits that she reinvested and which helped greatly with her family expenses. With the second loan… More from Hermencia'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