Update on Fernanado RafaelWith his previous Kiva loan Fernando bought and sold fish, with which he got together the money to buy a freezer. Now his business is much more elegant and he carefully operates the cooling chain.
Currently he's asking for another loan to buy fish wholesale, making the most of the high consumption of bocachico, catfish, and mullet at the end of the year, which projects an increase in his sales. He also will buy two new washing machines to expand his washing-machine rental service so his neighbors will feel better served and he will earn a bit more.
Fernando says to his lenders: "Thank you for the support you have given me to get ahead with my business. I hope you can continue helping all the microentrepreneurs with their projects."
Previous Loan DetailsFernando knows fishing very well, as he worked in it for one season. In the beginning, he launched his business selling oysters on the streets of the city. Later, he began to familiarize himself with fishing in the river, and worked at that. But the increasing difficulties that arose made him stop… More from Fernanado Rafael'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