Update on José FaustinoJosé is a man who continues to work toward reaching his dreams.
This is the second loan that he has requested with Fundación Alternativa. He has been very punctual with his payments and his business has grown gradually with the receipt of the first loan, with which he was able to stock his business by buying different types of sandals. With the additional profits, he established himself in his new house, which still lacks an external enclosure and certain finishes on the walls and roof; for that reason, he has requested another loan that he will use exclusively on these projects. In addition, he will be able to continue his sales along the major streets of the city, secure in the knowledge that his dream of having a comfortable house of his own has become reality thanks to his efforts and the support of various people like the Kiva investors who believe in the work and dreams of entrepreneurs like José.
José's work begins very early in the morning and ends in the evening, after he has made a trip through the center of the city. He has seen this effort rewarded by an increase of customers, and his credit counselor has helped him to manage his resources effectively.
El trabajo de José comienza desde muy temprano en la mañana y termina en la tarde luego de haber realizado un recorrido por el centro de la ciudad. Este esfuerzo se ha visto recompensado con el incremento de clientes y además su asesor de crédito lo ha ayudado para administrar de manera efectiva sus recursos.
Previous Loan DetailsJosé, 72, is a divorced man who 15 years ago migrated to Santo Domingo, the fourth most populated city in Ecuador after Guayaquil, Quito, and Cuenca. Its population is growing rapidly because it is rich in trade and has the largest livestock market in the country. The province measures 3,857 sq... More from José Faustino's previous loan »
About Fundación AlternativaFundación Alternativa encourages entrepreneurship and provides sustainable financial and non-financial services that promote social and economic development in Ecuador. The organization focuses on serving poor and excluded populations through analysis of clients' living conditions and by providing business training and other support services in urban, rural and marginalized parts of the country.
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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