Update on MildredThanks to the support Mildred received with her Kiva loan, she was able to buy general merchandise. She is very pleased because she was able to help her husband with the household expenses. Since she had more inventory, Mildred was able to sell more and use the profits to buy a television for her children. For this reason, she says to the Kiva lenders: “Thank you for helping me have my own business so that I can generate more income.”
Mildred is currently applying for another Kiva loan so that she can buy a fast food cart. She plans to take advantage of the experience she gained from her current business so that she can have an additional source of income. This result will make this Kiva loan a successful investment.
Previous Loan DetailsMildred, 30, owns a retail business in the south of the city. She lives there with her partner and their two children who are 10- and 7-years old. She started the business 6 years ago with a bit of borrowed money. The business grew very quickly and she bought a display case a year ago. She ha... More from Mildred'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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