Update on AgustinAgustin invested his previous credit Kiva loan in buying wicker, and a bicycle to get around with. His main benefit was the purchase of materials at wholesale, which resulted in more product availability and greater sales volume. His stress has lessened, as he has increased his sales, and with this, his income.
He tells the Kiva lenders that he is very happy about the opportunity they have given him to be able to grow and stop borrowing at high cost.
Currently he is applying for a credikiva loan, through which he will buy wood and wicker, do preventative maintenance on his machinery, and obtain good discounts on his bulk purchases.
Previous Loan DetailsAgustín, 46, is a man living with his spouse; he has five children whose ages range from 2 to 26. He has a business where he sells and weaves rocking chairs and wicker urns which are his main product lines. His work in this type of craft is a family tradition that he brings from the… More from Agustin'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