Update on Aura SofiaAura Sofia invested her last loan in the purchase of children's clothing and accessories, such as dresses, pants, shoes and underwear; she bought everything at wholesale stores in Barranquilla, Monteria, Bosconia, Valledupar and Cartagena on the Colombian Caribbean coast. With that credit, she obtained better liquidity and increased her working capital as well as her sales and earnings. Now, Aura Sofia wants a new Kiva loan, her fourth, to purchase clothing, accessories and shoes wholesale. Taking advantage of the high sales holiday season of the end of the year, she is sure she will be successful with such an investment. This is because she has recurrent clientele and knows that they intend to purchase many things during this period. This, because there is a lot of money circulating among the families and it is also when the sales are at their best. Aura Sofia wants to extend a message to her lenders: “I want to thank Kiva and the Fundación Mario Santo Domingo; I hope to be able to keep enjoying your financial support.”
Previous Loan DetailsAura O. B. is receiving her third loan from Fundación Mario Santo Domingo, which is her second through Kiva. She plans to buy clothing and baby accessories in bulk and with cash. Aura is extremely satisfied because each time she invests in her business, her capital increases and she is able to ... More from Aura Sofia'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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