Update on Maria EsperanzaWith her previous loan Maria bought thread, buttons, fabric, collars, cuffs, clasps and plush. She met her orders in a timely fashion and that was because of Kiva. Maria gives thanks to her lenders, because with their support they're helping several families to build a better future. She's currently requesting a new loan which she'll use to purchase supplies for making plush dolls that her customers have ordered as an addition to their daughters' Christmas gifts. She'll also purchase a filleting machine so she can improve production time and perfect the quality of her products. That way she'll increase her working capital and obtain better profits during this holiday season, so that she can celebrate the approaching Christmas festivities with many presents for her family.
Previous Loan DetailsMaria Esperanza is 53 years old. She is married and has two children, ages 17 and 22. She lives in “Ciudadela Metropolitana”, a neighborhood located in the municipality of Soledad, where Fundación Mario Santo Domingo is working to help develop the community. Maria Esperanza has her own business, ... More from Maria Esperanza'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
- 21 months (Additional Information)
- Repayment Schedule
- Nov 29, 2012
- Dec 18, 2012
- Currency Exchange Loss:
- May 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.