Update on SolomonSolomon is a happy business man after investing in his bicycle repairs shop. He began his store with about $115, and he says the value of the business is growing in line with the market. The main challenge of running the shop has been the high cost of stocks, but Solomon is up to the task.
He has therefore asked for a loan of 99,050 Kenyan shillings (KES) to pay for new stocks of bicycle spares and new parts. Solomon wants to invest the extra income generated into other businesses, hopefully setting up a retail shop dealing in clothes, household items like basins, and cooking utensils.
Previous Loan DetailsSolomon is a resident of Mariakani, Kenya. He is married and has six children. He sells spare parts, mainly bicycle parts and accessories; a business he has run for the last fourteen years. He is applying for a loan of 80,000 Kenya shillings to add stock of retail items to his store. He aspires ... More from Solomon's previous loan »
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