Update on SoniaThis is Sonia’s second Kiva loan. She is very grateful for the help she has received because her business is growing with this new working capital. She now has more customers, can cover more of her household expenses and improve the quality of life of all members of her family. For this reason, she is applying for another Kiva loan to buy raw materials to make buns, hayacas (a meat pasty wrapped in plantain leaves) and desserts, as well as a range of merchandise such as clothing and sports footwear which she will use to impress her customers during the upcoming holiday period. During the city Carnival, the demand for the goods she makes and sells tends to increase and this provides a welcome boost for small businesses.
Previous Loan DetailsSonia, 56, has a food preparation business in the southwest part of the city. She makes “bollos” (corn dough stuffed with cheese), “hayacas” (a type of rice with vegetables and three kinds of meat wrapped in bijao leaves) and delicious desserts. She is separated and has a daughter who was bo... More from Sonia'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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