Update on PiedadPiedad sold a lot of merchandise through brochures and catalogs and she was able to do this thanks to her previous Kiva loan. Her customers responded to this investment and took home perfumes, hair products, women’s accessories, and shoes purchased on credit from Piedad’s business. Now she is asking for a new Kiva loan with which she will buy hair products, perfumes, shoes and ladies’ accessories so that she can respond to the end of year demand, which is her busiest time of year. She needs to be prepared with a good inventory so that she will not be short of what her customers need. Her message to the Kiva lenders is, “May life provide many nice things for you for thinking about helping those in need, because he who is generous is just.”
Previous Loan DetailsPiedad, with her previous CrediKiva, purchased merchandise in order to attend to her customers' orders without depending on the advances or initial fees that her customers usually provided and this made her very happy. Now, she proposes to access a new loan with which she will purchase merchandise… More from Piedad'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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- Repayment Term
- 15 months (Additional Information)
- Repayment Schedule
- Dec 13, 2012
- Dec 18, 2012
- Currency Exchange Loss:
- Jul 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.