Update on AgustinAgustin invested his previous loan in merchandise to stock his business, buying cement, locks, electrical parts, etc. Since this merchandise sells quickly, he has invested in more supplies. His business is gradually gaining more customers and the demand is going up. This is why he is requesting another Kiva loan with which he will buy pipes, cement, lime, locks, etc. The financing has helped him to have the necessary money to be able to meet his customers’ needs and demands. His message to Kiva lenders is: “Thank you for giving me the chance to have a loan to be able to grow my business."
Previous Loan DetailsAgustín bought merchandise that he used to stock his store and his sales increased. His business is now better stocked and his quality of life has improved. His goal is to continue this growth and, in the future, to have a large hardware store where members of his family can work. He is asking fo... More from Agustin'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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Success!! The loan was 100% repaid