Update on Alex JesusWith his previous Kiva loan Alex purchased a sewing machine. He used it to make higher quality purses, because his sales increased due to the fact that he had a greater capacity to produce and meet the demand. Alex is currently very glad because his sales have resulted in better profits and his financial situation is continuously improving. He's currently preparing for the Christmas and New Year season with new designs. In order to purchase raw materials and supplies, he needs more working capital; this is the reason why he requests a Kiva loan once more. He'll use it to stock up his business with imitation leather, synthetic materials and accessories, and he'll meet his customers' orders who wish to give the year 2012 a proper sendoff. His message to Kiva lenders is the following: "The work you're doing is very good and I hope that you'll keep it up, so that we small business owners can continue to benefit from that".
Previous Loan DetailsIn Soledad, a municipality of the department of the Atlantic, 10 minutes from the city of Barranquilla, lives Alex, age 37, with his spouse and 2 children, aged 3 and 6. In this place he operates his business, a leather goods shop where he makes purses. Many years ago, Alex began his first… More from Alex Jesus'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
- 15 months (Additional Information)
- Repayment Schedule
- Nov 27, 2012
- Dec 17, 2012
- Currency Exchange Loss:
- Jan 17, 2014
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.