Update on LuzElena was satisfied with the investment she made using the funds from her last Kiva loan, since she was able to increase her production of clothing and accessories for babies, and thus achieve greater profits.
She is currently seeking a new loan through Kiva. She will use the funds to purchase goods at wholesale, such as cloth, stuffed animals, silicon and metal parts. With her loan she will have a cash fund so that she can have greater flexibility to make purchases, and this makes her very happy.
She sends the following message "Many thanks to Kiva, the Fundación Mario Santo Domingo. May God continue to bless you for your continued support."
Previous Loan DetailsLuz, 44, is a woman who lives to the south of the city with her husband, and she has a 1-month old baby. She has a business making layettes for babies. She's been doing this work ever since she stopped working as an employee of a company. She took her severance pay, and gradually invested it i... More from 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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