Update on MaguyMaguy is a 34-year-old mother of three children. Her husband is a soldier. They have always worked together for the well being of their children, who they strive to provide with a good education and a better living. Maguy has worked a hairdresser from her house for eight years. She is well known in her region for her special talents and prices.
This is Maguy’s third loan cycle from Kiva’s partner Al Majmoua. Her previous loan helped her to make necessary maintenance to her new house, which she moved into, and to buy new tools for her business. Today, her acquired loan will be invested in developing her business, through buying special summer beauty products like hair protection, and perfumes, which she will sell to her customers. This will help to increase her income. She hopes to expand and develop her business through opening her own beauty salon.
Previous Loan DetailsMaguy is a 33-year-old married woman and mother of two children. Six years ago, she opened a hairdressing salon to contribute to her household’s expenses. Besides the styling, makeup and facial care services she offers, Maguy also sells accessories and perfumes. Throughout the years, she succeeded… More from Maguy'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.
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Success!! The loan was 100% repaid