Update on SamuelSamuel, a restaurant owner, previously received a Kiva loan which he used to purchase kitchenware, tables and chairs, expanding the possibility that new customers might come to his establishment, and this is exactly what happened.
Today he is very happy and for this reason he is applying for a new Kiva loan. With the new loan he will buy supplies for food preparation, such as rice and meat oil. With this purchase he hopes to gain discounts for purchasing in cash and in greater volume, thereby reducing his costs and increasing his profits - a direct result of your investment in Kiva.
Since receiving his Kiva loan he has had a greater influx of customers and he has improved his family income. He says to his Kiva lenders, "Thank you for permitting me to improve my business."
Previous Loan DetailsSamuel, who is 65 years old, lives in the Los Robles residential area. He is a pensioner, and four years ago he entered the restaurant business with his wife and an assistant. His Restaurant Yoly is in the living area of his property, where he lives with his wife, and he has three children, ages ... More from Samuel'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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