Update on NelsonNelson is 54 years old and with his previous Kiva loan, he bought hardware products and quickly ran through his merchandise because his sales increased with the products he bought, which were those most often consumed by his customers. Currently, he is looking for a new loan with which to buy new hardware products, such as cables, iron, and cement, taking advantage of the fact that the construction business has been reinvigorated and Nelson wishes to take advantage of the potential for new customers that this will generate and thereby gain a little more income.
His message to the financiers of Kiva is the following, "I thank you for the assistance and the opportunity to continue making progress with my business and I hope you will continue to help me."
Previous Loan DetailsMr Nelson S. M. is 53 and lives with his wife and a granddaughter in the Villas de San Pablo development of the city of Barranquilla. He was able to acquire his house through a subsidy that he received from the state. This development is the first housing macroproject in Colombia lead by the Fund... More from Nelson'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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