Update on AlbertoAlberto is extremely satisfied with his previous Kiva loan. He was able to buy three washing machines and strengthen his business. The loan gave him more opportunities to buy with cash and helped him to provide excellent service to his customers.
He is currently applying for another Kiva loan so that he can buy three more washing machines since demand has grown. Alberto would also like to further his venture in mobile phone accessories. He has gradually entered this market since it is very profitable.
Alberto sends the following message to the Kiva lenders: “Many thanks for giving me the opportunity to acquire credit experience and for helping me to prosper in my business.”
Previous Loan DetailsAlberto leases washing machines and provides telecommunication services by the minute; he also sells general merchandise. He generates income to support his family, composed of his wife and two children who are 14 and 18 years old, with these three businesses. He started his business when… More from Alberto'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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Success!! The loan was 100% repaid