Update on Clara LuzWith her previous Kiva loan, Clara bought washing machines and this increased her income. She greatly benefited from the loan because she replaced the older machines that were already obsolete and was able to provide excellent service. She says thank you to the Kiva lenders for the help she received because this is how she can complete the goals that she has set.
Right now Clara is applying for a new Kiva loan to buy two more washing machines and increase her service potential to meet the growing demand, which will help her to complete her goal of reaching prosperity.
Previous Loan DetailsClara invested her last Kiva loan into the purchase of two washing machines. She is very happy because everything in her business and her home has gone well. Also her daughter has gotten married, and this made her very happy. Her goal is to build onto her home, to finish it, and to make respective… More from Clara Luz'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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