Update on Nivaldo EnriqueNivaldo put his first Kiva loan to good use, investing it in his business, increasing his working capital and improving his cash flow which led to increased profits and higher customer numbers. As we see, many things have improved since he received his Kiva loan and, in addition, he was able to use the profits to enrol his daughters in school and carry out some improvements to his home. He has this message for those who provided his funding: "I am very grateful for the financial support I have received from the foundation and from Kiva and it is thanks to this that I have achieved this standard of living for my family."
He is currently applying for another Kiva loan which he will use to make bulk cash purchases of snacks and soft drinks. This is particularly important now as the city carnival, one of the peak sales seasons, is approaching and he needs to have his shop well stocked so people can enjoy themselves and revel in the celebrations by wearing disguises, drinking, eating in Nivaldo's pub and dancing to the rhythm of Caribbean drums.
Previous Loan DetailsNivaldo Enrique B. Benítez is 41 and lives in the city of Barranquilla with his wife and two children ages 13 and 7. He has a kiosk in the Ciudadela 20 de Julio neighbourhood, one of the most popular because it is home to the largest soccer stadium in Colombia. In his neighbourhood, this… More from Nivaldo Enrique'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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