Little by little between the people closest to her, they began ordering hats and keychains, and three years ago, she added backpacks and bags to her merchandise, which today she sells to her main customers who are neighbors, friends from the university where she studies, and family members. They order them, as they know the quality of the products she makes, and she has them on display in her parents' store.
Her goal is to have a well organized workshop in a store and to continue her professional studies in order for her and her family to get ahead.
Currently she is asking for a loan from Kiva, her first funding from the Mario Santo Domingo Foundation, with which she will buy raw materials, such as wool and thread, as well as a display case to protect and hold her products. With this she will achieve a better presentation of her products, making her Kiva loan a good investment for her business and boost it.
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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Success!! The loan was 100% repaid