Update on FestoFesto is 44 years old, married and has four children. He used his previous loan to buy maize flour, sugar and baking flour. His business did very well, and he successfully repaid his loan. He has been in business for the past three years. He is very hardworking, honest and humble. Faulu Kenya has helped him learn how to save his money and expand his business.
Someday, he hopes to buy a piece of land and open other outlets. He requires a loan of 74,013 KES (Kenyan shillings) to buy maize flour, potatoes and a cooking jiko (charcoal stove).
Previous Loan DetailsFesto is a hard working 43-year-old businessman. He is married and blessed with four children aged 15, 13, 7 and 5. He has been selling snacks like crisps and mandazis (doughnuts) for the last two years. Festo testifies that through Faulu Kenya, he has grown his business because he has been train... More from Festo's previous loan »
About Faulu KenyaFaulu Kenya aims to empower Kenyans by providing relevant financial solutions. Faulu is a sustainable and profitable microfinance institution that offers savings and credit services to over 225,000 Kenyans. Faulu recently became the first MFI in Kenya to be licensed as a Deposit-Taking Micro-Finance Company, which will enable Faulu to better serve its clients.
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
- 14 months (Additional Information)
- Repayment Schedule
- Dec 21, 2012
- Jan 16, 2013
- Currency Exchange Loss:
- Dec 19, 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.