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Miguel Angel

Update on Miguel Angel

Thank 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].
View original language description ↓
Gracias por apoyar a Miguel Ángel en su negocio, quien con su credikiva compró arroz aceite y también enseres, como ollas en varios tamaños. Desde que recibió su credikiva sus ventas aumentaron, porque aumentó la producción. En la actualidad está aplicando a un nuevo credikiva, mediante el cual comprará insumos para la elaboración de su tradicional arroz con guarapo, como panela, arroz, galones de aceite todo en un mayor volumen pues se disminuyen los costos porque las compras de contado traen consigo descuentos y mas aun cuando no son por unidad.

Previous Loan Details

Miguel 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 »

Additional Information

About Fundación Mario Santo Domingo

Fundación 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.

About Colombia

  • $6,070
    Average annual income
  • 265
    View loans »
    Colombia Loans Fundraising
  • $13,601,850
    Funds lent in using Kiva
  • 1,839.5
    Colombia Pesos (COP) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,375 helped Miguel Angel to buy ingredients.
96% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 17, 2013
Listed
May 22, 2013
Currency Exchange Loss:
Possible
Ended:
Jan 17, 2015
This photo was used before for a previous loan for Miguel Angel. It was first posted on Kiva on Feb, 2012. Learn More