Update on Luz ElenaWith her previous Kiva loan, Luz Elena bought soft drinks, beer, and supplies to prepare her fast food. With this investment, she got greater liquidity and increased her production. Now she is applying for a new Kiva loan, with which she will buy beer in greater volume. This product is more profitable for her and it has the greatest weekly rotation. Luz Elena sends the following message to Kiva lenders and to Fundación: "Thank you so much to Kiva and Fundación Mario Santo Domingo for this great support."
Previous Loan DetailsLuz, 50, is a woman living with her spouse. She has six children ranging in age from 16 to 32. She lives in the 20 de Julio neighborhood located in the south of the city. It’s notable because formal and informal commerce interphase here along with sports and recreational venues, shopping cente... More from Luz Elena'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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