Update on ServioServio is 43 years old and from the community of Jicaral. He is married with two young children aged 14 and 9 who are studying in primary and secondary school. Servio has as his primary business, a "pulperia," or grocery store, located in his home, which he has been running for the past 9 years. A "pulperia" is a small store that sells a variety of groceries and daily necessities in small quantities such as bags of coffee, shampoo, packets of tomato sauce, cans of juice, sodas, refried beans, bread, sugar, tiste (a mixed corn and cacao beverage), and chicha (a drink made from fermented corn). The business was started as a way to help with the household expenses.
Servio has worked before with Fundación León 2000 and has shown himself to be responsible with his payments in both time and form. The objective of this loan is to invest in his working capital and stock his grocery to fulfill the needs of his customers and improve his earnings. Servio is thankful for the help that the investors of Kiva have given him, as it is thanks to their help that he is able to sustain his family through dignified means.
Previous Loan DetailsServio has a grocery store in his home. He is always seeking ways to generate income for his family. He makes his purchases on a cash basis at the market and from delivery trucks, since the prices there are lower and so his profits will be higher. He sells his products on a cash and credit… More from Servio's previous loan »
Fundación Leon 2000This loan is administered by Fundación Leon 2000. Fundación Leon 2000 began operations in 1993 as the first microfinance institution to serve the western part of Nicaragua, a country which continues to be one of the poorest in the western hemisphere. Fundación Leon 2000 works to further the development of micro, small, and medium enterprises through credit services and management, applying the best credit industry practices and technical expertise. Additionally, Fundación Leon manages several business and financial education programs in the community, specifically for young entrepreneurs and at-risk youth. Fundación Leon 2000’s group of experienced and dedicated employees works in 7 offices in Leon, Chinandega, Chichigalpa, Somotillo, Jinotepe, El Sauce, and Nagarote and serves several thousand clients (the majority of whom are women).
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 22, 2012
- Oct 27, 2012
- Currency Exchange Loss:
- Nov 26, 2012
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.