Update on MartinMartin is now acquiring his 10th loan with UGAFODE Microfinance. The loans have moved him miles in changing his lifestyle. For better service delivery, Martin continuously renovates and adds value to his rental houses, to keep them at the required standard and make them competitive.
With this loan, old Martin will buy paint to paint the building, in order to make it attractive to potential tenants. Martin is an innovative old man. Martin also wants to thank the Kiva lenders for the partnership, this being his third loan on Kiva. He is confident the partnership will continue to grow to great heights.
Previous Loan DetailsMartin was able to renovate some of his rental houses using his previous loan of 1,000,000 UGX. However, the money was not enough to do all he wanted to do. Because he wanted a payment that would fit into his budget, he has waited until now to request another loan of 1,000,000 UGX to renovate the... More from Martin's previous loan »
More information about this loan
This loan is part of UGAFODE”s Micro Mortgage Loan program. Many of these clients are currently renting and these loans allow them to own their home and provide for their families. This may be their first home, or renovation to homes not fit for habitation. By building and renovating, borrowers who utilize these loans have improved health and safety through a stronger structure and better protection from the elements. UGAFODE offers these loans to cover essential costs like labour and material so borrowers can provide adequate shelter and sanitation facilities for their families.
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