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Salomon

Update on Salomon

Don Salomón is a member who lives in the memorial neighborhood "Sandino de Managua." He works hard to get his family ahead. His children go to school, and with his salary as a security guard, Don Salomón supports them in their studies. He is requesting his sixth loan to continue construction on a two-room addition to his home. He was unable to finish construction with the previous loan because the construction material costs were higher. But he is firm in his intention to move forward with his objective. He intends to rent the rooms in the future, which would be another source of income. To continue with his project, Don Salomón needs to purchase cement, sand, blocks and iron. And little by little he will make progress.
View original language description ↓
Don Salomón es un cliente habitante del barrio memorial Sandino de Managua, trabaja arduamente para salir adelante con su esposa y sus hijos quienes estudian, de su salario como guarda de seguridad los apoya en los estudios, está solicitando un sexto crédito para continuar con la construcción de 2 habitaciones en su hogar que no pudo terminar con el crédito anterior debido a que los precios están mas altos de los materiales de construcción pero tiene fijamente la idea de seguir adelante con su objetivo ya que piensa alquilarlos en un futuro y eso sería otra entrada más para su economía, para seguir con la obra necesita comprar cemento, arena, bloques, hierro así poco a poco irá terminando.

Previous Loan Details

Salomon is a tenacious and hardworking gentleman. Today he continues to work as a security guard. He works with a lot of care and dedication, because through this work he protects the lives of others. He gives thanks to God first, and then Afodenic, which has been the means through which he ha... More from Salomon's previous loan »

Additional Information

About AFODENIC

This loan is administered by AFODENIC, La Asociación para el Fomento al Desarrollo Nicaragua, a Kiva Field Partner based in Managua, Nicaragua. Founded in 1999, AFODENIC was created to promote the socio-economic and cultural development of sectors that are excluded from commercial banking. Integrating economic and human resources, AFODENIC offers affordable and adaptable financial services aimed at strengthening the family unit of their clients, who include students, producers, and micro- and small entrepreneurs from rural and urban areas. AFODENIC is a socially responsible institution engaged in society and making a positive impact on its professional partners and communities.

Supporting a borrower through AFODENIC contributes to the pursuit of innovation in mitigating poverty in Nicaragua. Visit AFODENIC’s partner page for more information.

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.

About Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

About Nicaragua

  • $4,800
    Average annual income
  • 131
    View loans »
    Nicaragua Loans Fundraising
  • $24,575,325
    Funds lent in using Kiva
  • 24.1
    Nicaragua Cordobas (NIO) = $1 USD

Success!! The loan was 100% repaid

A loan of $350 helped Salomon to purchase cement, sand, blocks and iron for the addition of a room.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 29, 2012
Listed
Jan 9, 2013
Currency Exchange Loss:
Possible
Ended:
Jan 18, 2014