Update on EderEder repaired his hot-dog cart, bought an oven, flour, sauces and meats in larger amounts and feels very satisfied. His Kiva loan was of use because now his tools are in better condition and his working capital increased; his business has progressed because he now participates in greater events and his products rotate more quickly. His message to Kiva lenders is the following: I feel very happy. I hope you will always keep the door open so that people like me can grow spiritually and economically.
He will use the new Kiva loan he’s requesting to buy ingredients like flour, cheese, ham, sauces, meat and mushrooms because the Christmas season is approaching and customers have more money to spend and his sales will grow so he must have enough working capital to invest because this is precisely what his Kiva loan’s success depends on.
Previous Loan DetailsEder is a 47-year-old married man with two children, ages 15 and 20. His business involves making fast food and is located in a space in front of his home where he sells every weekend. He also sells to the city residents in the Department of Atlántico where festivals are held. This idea got st... More from Eder'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
- Repayment Term
- 8 months (Additional Information)
- Repayment Schedule
- Nov 15, 2012
- Nov 22, 2012
- Currency Exchange Loss:
- Jun 17, 2013
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.