Update on AlvaroAlvaro thanks Kiva for its financial support, which allowed his business to grow by 20%, and asks that the lenders continue to help him. With his Kiva loan, he increased his purchases of earrings, shirts, hats, shoes and other merchandise, allowing him to impress his customers and sell more.
He is now applying for a loan to buy handmade items such as backpacks and fabrics other than those he currently stocks, which will significantly increase sales, income, and profits. He has regular customers and offers beautiful, quality merchandise at fair prices.
Previous Loan DetailsÁlvaro used past Kiva loans to pay cash for wholesale supplies of the merchandise he sells. His business was stacked to the ceiling with football shirts, sports equipment, bags, etc., all of which he quickly sold. He says that he owes his good luck to your loans and the proximity of his busines... More from Alvaro'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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