Update on BenjaminBenjamín is a shoemaker. When he needed money to buy his sewing machine, he turned to a Kiva loan. Today, with his new machine, he has managed to improve the quality of his product and reduce his production time. His business today is much busier, with new customers coming in every day.
His customers are ordering more, and Benjamín's working capital is insufficient to respond promptly to that demand. To get better prices, he needs to purchase his raw materials and supplies in greater volume. This is the reason that today he is turning to Kiva for another loan so that he can buy shoe uppers, adhesives, and other supplies to increase his production capacity and to be more effective in responding to his distinguished customers.
Previous Loan DetailsBenjamín manufactures women’s and children’s shoes that he sells directly to small businesses and general stores located near his workshop, to individuals who place orders and directly at the entrance to a sporting venue in the city. With his activity he’s managed to support his home consistin... More from Benjamin'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