Update on Jorge FaustoJorge Fausto is a single adult, from a municipality of Chinandega, located in the western part of the country where trade is predominant. He can be described as a responsible and hardworking man, with a strong desire for self-improvement. He is a micro-entrepreneur who buys and sells merchandise in general such as the following: varied styles of clothing for children, women, and adults, shoes, cosmetics, and other items. He purchases in cash at wholesale markets, and sells in cash and on credit to regular and occasional customers, collecting money weekly or biweekly. All this business is done as traveling sales and by order. Most of his customers live in rural areas, so his workday begins very early to allow him to supply them all.
The purpose of this loan is for working capital to buy merchandise in general such as cosmetics, plastic products, pants, blouses, skirts, shorts, and facial creams, among other items. Jorge Fausto is very grateful for the help that the Kiva lenders give to people with scarce resources.
Previous Loan DetailsJorge Fausto is 58 years old and is single. He is from the municipality of Posoltega and lives in the town at the moment. He is a street vendor with his own route. He sells to his customers on credit. He sells clothes, footwear and any other type of product that his customers request. He… More from Jorge Fausto's previous loan »
Fundación Leon 2000This loan is administered by Fundación Leon 2000. Fundación Leon 2000 began operations in 1993 as the first microfinance institution to serve the western part of Nicaragua, a country which continues to be one of the poorest in the western hemisphere. Fundación Leon 2000 works to further the development of micro, small, and medium enterprises through credit services and management, applying the best credit industry practices and technical expertise. Additionally, Fundación Leon manages several business and financial education programs in the community, specifically for young entrepreneurs and at-risk youth. Fundación Leon 2000’s group of experienced and dedicated employees works in 7 offices in Leon, Chinandega, Chichigalpa, Somotillo, Jinotepe, El Sauce, and Nagarote and serves several thousand clients (the majority of whom are women).
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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Success!! The loan was 100% repaid