Update on MagalisThanks to her previous Kiva loan, Magalis earned higher profits and made her products better known. She was able to do so by purchasing raw materials and supplies in bulk, which enabled her to produce more ornamentation, reaching many more clients. She will invest her new loan to purchase more materials such as cornstarch, vaseline, glue and other supplies. With these products, she will create souvenirs for first communions, weddings, graduations and birthdays; such products are in demand during the upcoming holiday season during which families usually throw their parties. Her message to Kiva lenders is as follows : "thank you so much for the help you gave me which helped me a lot".
Previous Loan DetailsMagalis lives in the town of Soledad with her husband; she has four children aged 25 to 35. Magalis is the owner of a ceramics business which she has run for twenty years so has a lot of knowledge of both the work and the business skills she needs. In the workshop Magalis makes keepsakes, househo... More from Magalis'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