Update on Aida LuzAida's business is selling shoes, bags, shirts and various accessories. It has gone very well for her with her Kiva loans. With them, she has been able to increase her working capital, buy a lot more, increase her clientele and generate many more profits than she would have with her own resources. The biggest impact has been building, with her own work, her little apartment. She also did some home improvements and everything in her life is much better that it was before. Right now, she is applying for a new Kiva loan to buy shoes, bags, and various women's accessories to fill orders her best customers have made. That is just what makes her Kiva loan her best investment.
Previous Loan DetailsWith her previous loan, Aida was able to buy a variety of merchandise in bulk and with cash so that she could fulfill her orders. At the same time, she also invested in cases of soft drinks and beer so that she could sell them to her customers on the weekends. Now she plans to invest a new… More from Aida Luz'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
- Repayment Term
- 21 months (Additional Information)
- Repayment Schedule
- Feb 28, 2013
- Mar 13, 2013
- Currency Exchange Loss:
- Jul 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.