Update on PhilipPhilip is a 40-year-old man from Kakamega town, which is found in the western province in the western part of Kenya. He is married and supports six people in his family. He has four children who are 18, 16, 14 and 12 years old, respectively.
He has a retail shop that he has been operating for the last four years and generates a monthly income of KES 40,000. He has applied for his fourth loan with VisiomFund Kenya, which he will use to purchase maize flour and other shop items in bulk. He will use the anticipated profit to grow his business.
His dream is to have a big business and support the family.
Previous Loan DetailsPhilip, a 40-year-old man from Kakamega, located in the western part of Kenya, is married to Leah, a business lady; he supports four people in his family and has three children who are ten, seven and two years old.
Philip has been operating a retail shop for the last three years, earning a ... More from Philip's previous loan »
About VisionFund KenyaVisionFund Kenya is dedicated to economically empowering its clients by providing financial services to improve living conditions of micro-entrepreneurs and their children across Kenya. VisionFund Kenya is the microfinance subsidiary of World Vision Kenya. Obtain more information on VisionFund Kenya from its website.
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
- 14 months (Additional Information)
- Repayment Schedule
- May 15, 2014
- May 25, 2014
- Currency Exchange Loss:
- Jun 19, 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.