Update on Carmen RosaThanks to her previous Kiva loan, Carmen bought men’s, women’s and children’s clothes that she sold and earned a bit more money. Her dream is to have a shop in a large shopping center and to finally finish furnishing her house. She sends the following message: “Immense gratitude to Kiva lenders for the commitment they’ve made with us; may they continue supporting us.” She’s currently applying for a new loan that she’ll use to buy outfits for men, women and children that are apt for the entire family so that during Christmas and New Year’s her customers will feel very happy welcoming these holidays gathered together as families.
Previous Loan DetailsCarmen, 34, lives in the city of Cartagena with her husband and two children who are 1 and 12 years old. She has a business there at a commercial spot where she sells a large variety of products both for cash and on credit. In order to generate extra income she has a weekend job that she does… More from Carmen Rosa'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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