Update on Alcides RafaelAlcides invested his last loan in generic and brand-name medicines, (buying them) wholesale and in cash. His loan gave him better liquidity and increased his working capital as well as his sales and uses. He is very grateful for the financial support and says, "I hope to take maximum advantage of it." Currently, he is applying for a Kiva loan that he will use to purchase a greater volume of medicines, taking advantage of the fact that the pharmacy is well-located, and the number of potential customers is always growing.
Previous Loan DetailsAlcides, 50, lives in the town of Soledad with his wife and two children who are 28 and 30. For three years he's been selling medicines, a business he started up to increase his family's income. He's also a certified public accountant. His wife is his biggest supporter in business and in life.… More from Alcides Rafael'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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This loan has been fully funded!