Update on Santiago FelipeSantiago managed to use his Kiva loan to repay the informal loans he had which had higher costs, and for this he appreciates the Kiva lenders. He says, “Thank you very much for the help. It has been a great help to me in getting my work done.” When Santiago received his previous loan, he bought more tools and tires for vehicles and bicycles, which allowed him to repair and do preventive maintenance on his customers’ cars, bicycles, and motorcycles. He is asking for a new Kiva loan to buy tires, locks, motorcycle tensors, chains, and spark plugs. These are the supplies that he uses the most in his shop and he needs to be prepared to satisfy his customer demand and generate greater revenue than normal.
Previous Loan DetailsSantiago is very satisfied because, with his last Kiva loan, he was able to buy products such as wheels, tires, and a radio, all related to the maintenance of motorcycles and bicycles. Since receiving that loan, his income has improved because he had better purchasing power to increase his stock… More from Santiago Felipe'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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