Update on Alfredo LuisAlfredo took advantage of his previous CrediKiva loan to buy new washing machines to strengthen the infrastructure of his business, in an effort to make lasting improvements. He is very grateful to Kiva and the Mario Santo Domingo Foundation and asks that they continue to support him. The loan he is requesting now is to buy new machines since his clientele has grown and there is a very high demand. This way he can replace the old machines and modernize his business.
Previous Loan DetailsOne year ago, Alfredo, 30, launched his own business. Being very observant of life in his community, he realized that residents didn't have washing machines and that this service, which lessens the workload of housewives, did not exist in his neighborhood. So it happened that, in the absence of c... More from Alfredo Luis's previous loan »
About Fundación Mario Santo DomingoFundación Mario Santo Domingo (FMSD) is a non-profit organization in northern Colombia dedicated to developing programs for the country’s poorest communities. In addition to numerous social services, FMSD runs a microfinance program to strengthen micro-businesses in the areas where it works. The organization also offers several non-financial components as part of this program, including training to help entrepreneurs start their own businesses.
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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