Fernando's daily workday is from 8am to 6pm, and he works toward achieving his future goals like creating jobs, improving his home, and accomplishing the ultimate goal of increasing his clientele. Currently, Fernando has taken the first step by requesting a loan, with which he plans to buy wholesale supplies such as welding and painting materials.
This is Fernando's first loan from Fundación Mario Santo Domingo, and he will use it to improve his business by earning a little more, because it allows him to buy in volume, thereby reducing his costs.
More information about this loan
This loan is part of an innovative partnership between Kiva Labs and Innovations for Poverty Action to evaluate how changes to the conditions of loans might improve the impact of microcredit on small businesses and the well-being of micro-entrepreneurs. Through this partnership, FMSD is testing new features for its small business loans: the design changes being tested include lower interest rates and more flexible repayment schedules aiming to encourage productive investments and to better match micro-entrepreneurs’ irregular income flows. As part of a randomized evaluation, this borrower may be offered one of these innovative loans. This is an exciting innovation and learning process for FMSD, but—like all innovators—it may face additional costs and potential risks in the process. Funding support from Kiva lenders is therefore particularly important to FMSD on this project.
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.
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This loan has been fully funded!