Update on Alvaro MiguelThank you for supporting Álvaro who used his previous Kiva loan to buy raw materials and supplies such as flour, oil, sugar, etc. He now has a vehicle which helps him in transporting the candies that he is currently producing. Álvaro sends the following message to Kiva lenders: "My daily work is how I support my family and my children. Thank you for your support and for the work done by Fundación Mario Santo Domingo". Álvaro is currently producing lollipops. He needs a greater quantity of molds for this work, which is why he is applying for a new Kiva loan. He will use his loan to buy these tools so that he can increase his production and substantially improve his income. This would make his Kiva loan the best investment of the season.
Previous Loan DetailsAlvaro is 36 and lives with his partner. They have 2 children, aged 2 and 7. They have had a bakery for 6 years. Supported by his uncle, who offered him the opportunity to make money, they decided to buy an oven and a rack, with which they began their production of crackers and puddings. Currentl... More from Alvaro Miguel'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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