Update on Francisco ManuelFrancisco is grateful for the support provided by his first Kiva loan, which he used to buy recycling products and pay for welding and electrical soldering services. He benefitted greatly from this investment because he was able to buy exactly those things which allow him to make higher profits. His negotiating power with his suppliers has improved and he is taking steps to buy his own home. Francisco is very grateful to Kiva lenders and asks that they continue to support him so that he can continue working and have a better quality of life. He is currently applying for a new Kiva loan which he plans to use to buy the large plastic tanks he needs to expand his recycling business. As he has to make payments daily, he needs to have cash available to expand his business and be in a position to generate higher income. His investment will be successful because this is a product which sells extremely well and because it also offers a good profit margin.
Previous Loan DetailsFrancisco, 44, lives with his spouse; they have five children whose ages range from 10 to 25 years. He owns a recycling center that’s been in operation about three years and which arose through his spouse’s initiative and is located in a small town near the city of Barranquilla. He works there… More from Francisco Manuel'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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