Update on SocorroSocorro bought raw materials and supplies she used to make maternity clothes. She used her previous Kiva loan to produce much clothing that she took to her customers and she increased her sales volume. She’s currently applying for a Kiva loan to buy fabric, thread and supplies to make dresses for the end-of-year festivities that are approaching wherein families like to be well dressed, something they attain with Socorro’s designs. Her message to Kiva lenders is the following: “A thousand thanks because I’ve been able to finance my business and increase my working capital.”
Previous Loan DetailsSocorro lives to the south of the city of Barranquilla, with her husband and two children, aged 14 and 18. She makes maternity clothes, an activity she began 4 years ago when she was working as a sales assistant in a shop selling dressmaking supplies. From there was born the idea of becoming… More from Socorro'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