Update on GorrethGorreth used her previous loan of UGX 500,000 to buy more stock of retail items, which she sold and increased her profits from the usual 150,000 to 220,000 fortnightly. This also increased her turnover and the number of clients.
She works 7 days a week and 16 hours per day to maximize profits. She is acquiring another loan to pay tuition for her children. She will use a small portion of the loan to buy more stock for the retail shop. She hopes to expand into a large business that can supply all the people around her area. Her clients are traders from her village and the surrounding places
The challenge she faces is too many people not paying on time. She describes herself as an honest and hardworking woman. She appreciates the services that the financial institution is giving to small-income earners.
Previous Loan DetailsGorreth, a single mother is aged 30 and has four children. She lives in a rural setting with her family, and all of her children attend elementary schools. She also takes care of five other children who lost their parents. Gorreth is a businesswoman who operates a retail shop; she supplements h... More from Gorreth's previous loan »
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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- Repayment Term
- 10 months (Additional Information)
- Repayment Schedule
- Apr 4, 2014
- Apr 27, 2014
- Currency Exchange Loss:
- Jan 17, 2015
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.