Update on Magaly EstherThank you for supporting Magaly, who was able to use her previous Kiva loan to buy a display case and stock her business with clothing and school supplies, as there was quite a bit of demand for them in her target market. She is very satisfied, because her image improved and also because she was able to display a greater variety of items which positively affected her sales. Her income has increased and thanks to that, she has improved her quality of life.
Currently, Magaly is applying for a new Kiva loan that she will use to buy jeans and sporty tops, adapting to the coming season. She is planning to have a lot of success with this investment because she is making it at a very good time of the year and now she has fixtures that allow her to display her merchandise elegantly, which drives sales.
Magaly sends a message to her Kiva lenders that says this: "Thank you for the support, and I hope that you continue supporting us."
Previous Loan DetailsWith her credikiva, Magaly bought bags, shoes, cosmetics, books and general stationery which she sold and increased her working capital a little. In Malambo, the town where Magaly lives and has her business, her clientele has been increasing and this is very good for her. She is currently… More from Magaly Esther'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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