Update on Luis DanielThank you for supporting Luis. With his previous Kiva loan he bought merchandise in response to his customers’ expectations and needs. With his loan he was able to leverage his business and increase his sales, profits, and working capital. He used this to reinvest, and he was able to improve his living conditions.
He traveled with his mother to another city, and he reunited with his family. His business has grown and is much stronger. That is why he sends the following message to his Kiva lenders, “It is with unending gratitude that I thank you for your work of supporting people like me with scarce resources. Thanks to the loans we are able to have to opportunity to progress”.
He is currently applying for a new Kiva loan. He will use the loan to buy varied merchandise. He will also perform maintenance and repair the display cases at his place of business in order to give it a better presentation. This way, his merchandise on display will be more appealing to his clientele. This is the factor that will make this investment successful.
Previous Loan DetailsLuis is 50 years old. He started his business ten years ago together with his mother when he arrived in this city from Bogotá, the capital of Colombia, and set up a general store as his sales location. He also distributes merchandise all over the city to customers who pay on credit. Through this… More from Luis Daniel'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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