Update on MartinMartin was able to renovate some of his rental houses using his previous loan of 1,000,000 UGX. However, the money was not enough to do all he wanted to do. Because he wanted a payment that would fit into his budget, he has waited until now to request another loan of 1,000,000 UGX to renovate the remaining part of his houses. He wants to make them a comfortable environment during the festive season. He will be able to plaster and work on the plumbing for some of the leaking parts of the house. He is excited and thanks Ugafode for standing with him up to his old age. He is an honest and social person who has made many friends within the organization.
Previous Loan DetailsMartin is a 70-year-old married man. He looks after three dependants who are his grandchildren. Martin has taken out thirteen loans from UGAFODE Microfinance and this is the fourteenth. This sequence of consistent loans has helped change his status from a tenant to a landlord. He now owns rental ... More from Martin's previous loan »
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
- 8 months (Additional Information)
- Repayment Schedule
- Dec 14, 2012
- Dec 19, 2012
- Currency Exchange Loss:
- Jul 17, 2013
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.