Update on Miguel AngelThank you for supporting Miguel Ángel’s business; he used his Kiva loan to buy rice, oil and utensils like pots of various sizes. Since he got his Kiva loan his sales have increased because he increased production.
He’s currently applying for a new Kiva loan by means of which he will buy ingredients like brown sugar, rice and gallons of oil at wholesale and for cash because cost is lower that way due to volume discounts as opposed to buying by the unit, to make his traditional Rice with Guarapo [rice with sugarcane juice].
Previous Loan DetailsMiguel is applying for his second Kiva loan, with which he plans to buy basic materials and ingredients to prepare his foods, and he will also buy tools and repair others, to continue improving his infrastructure. With his previous Kiva loan, he bought a tricycle and ingredients in large volume, ... More from Miguel Angel'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
- 21 months (Additional Information)
- Repayment Schedule
- May 17, 2013
- May 22, 2013
- Currency Exchange Loss:
- Jan 17, 2015
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.