Update on Luis EnriqueSporting goods, T-shirts, caps, and posters were among the things Luis bought with his previous loan. He succeeded in increasing his stock, working capital, sales and profits. Family income has increased and the family standard of living has also improved.
Luis says to the lenders, "Thanks very much for your support. My business has grown in capital goods, liquidity, sales and profits." Now he is applying for a loan because he again wants to buy new sporting goods that are in style, since his business is located near the Metropolitan Stadium of Barranquilla. Professional soccer teams play there daily. The stadium is the home of the Seleccion (World Cup team) and Atletico Junior, local team, is its host. A wealth of fans and enthusiasts are constantly buying and Luis is succeeding in increasing sales to them, making his investments successful.
Previous Loan DetailsLuis is applying for his third Kiva loan and is satisfied with his self-employment. With his previous loan he bought sports articles like pants, t-shirts, socks, sandals and posters in bulk and with cash. Now with his new loan he will take advantage of what will soon be the Metropolitan Stadium i... More from Luis Enrique'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!