Update on OlgaThank you for supporting Olga who used her CrediKiva loan to makefor better purchases and to make bags and back-packs that her customers liked very much. She has been working more easily because she had the materials to increase her hammock, bag and back-pag production to supply to her clients.
Olga sends the following message to Kiva lenders; "Thank you, the loan was very helpful to me and I hope to continue receiving your support." Currently, she is requesting a new loan to buy new crafts to add to her native products line, such as the typical arhuaco back-pack (from the indians that live in Sierra Nevada in Santa Marta) and back-pack accessories that are in fashion and sell very quickly. This will make her CrediKiva loan investment successful.
Previous Loan DetailsOlga, 59, is a widow and a mother of four children between 22 and 30 years old. She inherited her late husband’s business of selling handmade products and raw materials for making crafts such as hammocks and bags. The business also sells thread, wire, string, and other things to customers and mid... More from Olga'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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- Repayment Term
- 19 months (Additional Information)
- Repayment Schedule
- Apr 22, 2013
- Apr 28, 2013
- Currency Exchange Loss:
- May 17, 2014
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.