Update on FaridFarid is a Palestinian 44-year-old married father of four children. He lives with his family in a Palestinian camp in the South of Lebanon. He owns a small business where he is in charge of the maintenance of house electrical ware. His wife is unemployed, which makes him the only financial resource of his large family. All his children are enrolled in private schools under the care of the UN so they will have broader opportunities than their parents. The highest education Farid ever had was elementary school, which means that his chances of obtaining better positions are very low. Even his actual revenue is not sufficient to provide for the six people that are living under his roof. His house is in very bad shape for healthy living, which is why he decided to contact Al Majmoua and acquire a loan. In fact, he needs this loan to do cement work in his house and paint the walls. As for the future, Farid wishes to expand his business in order to raise his revenue.
Previous Loan DetailsFarid is a 42-year-old married man and father of four lovely children. He has been working in electronics repair for 23 years. He is an expert in his field, and most of his customers admire his good personality and his talent. Farid is a talented man with a good reputation. His work is commended… More from Farid's previous loan »
About Al Majmoua – Lebanese Association for DevelopmentThe Lebanese Association for Development – Al Majmoua is Lebanon’s leading microfinance institution and the oldest Kiva partner in Lebanon. Al Majmoua’s vision is to “be the leader in creating an inclusive financial system where all people in Lebanon have access to affordable services.” Given Lebanon's diverse population, Al Majmoua lends to all nationalities, provided legal residency. The strong financial position achieved to date has allowed Al Majmoua to steadily lower its pricing over the years.
Based on the belief that non-financial services play a complementary role in improving the quality of life of the most vulnerable entrepreneurs, Al Majmoua has established a solid Business Development Services program for both borrowers and non-borrowers with a focus on women and youth.
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 Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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Success!! The loan was 100% repaid