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Festo

Update on Festo

Festo 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 Details

Festo 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 »

Additional Information

About Faulu Kenya

Faulu 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.

About Kenya

  • $1,800
    Average annual income
  • 704
    View loans »
    Kenya Loans Fundraising
  • $42,216,300
    Funds lent in using Kiva
  • 86.8
    Kenya Shillings (KES) = $1 USD

Success!! The loan was 100% repaid

A loan of $875 helped Festo to buy maize flour, potatoes and a cooking jiko (charcoal stove).
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 21, 2012
Listed
Jan 16, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 19, 2013
This photo was used before for a previous loan for Festo. It was first posted on Kiva on Jul, 2011. Learn More