Update on Gisela MariaGisela applied for a Kiva loan and used it to buy large quantities of shampoo at a discounted rate for her furniture cleaning business. It also helped her finance the jobs that she does on credit. Her sales have increased and, as a consequence, her earnings. Her business is starting to gain recognition thanks to Kiva. For this reason, she would like to say to her funders, "I encourage you to continue this noble effort not only in Colombia, but in all Latin American countries."
Today she is applying for a Kiva loan so that she will be able to buy a new vacuum cleaner to give simultaneity to her service, which will help her, little by little, achieve her dream of prosperity with respect to growing her business.
Previous Loan Details42-year-old Gisela lives in Barranquilla with her husband and her two children who are 3 and 5. She has a creative business through which she offers a cleaning service for rugs and living room and dining room furniture. She started this business in 2006. Before that she worked for companies in… More from Gisela Maria'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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