Update on Ericka PatriciaEricka bought frozen treats and candy with her previous Kiva loan; her sales increased. In this way she has been rotating her working capital and she has many aspirations for growth. She wants to take advantage of the December season to invest in greater volume, get discounts, and offer her products at good prices. This is the reason she has approached Kiva to get a new loan, with which she will buy ice cream, candy, and drinks to make good use of her loan this month. This is the season when many people spend money and her sales usually increase, so her Kiva loan will be a success.
Previous Loan DetailsEricka is 27 years old and has a soda shop in a neighborhood in the downtown area of the city. She came to Barranquilla from Magdalena when she was 17 years old after she graduated, looking for opportunities to succeed in the city. She first worked as an employee in a soda shop for three years, a... More from Ericka Patricia'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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