Update on Magaly EstherWith her previous Kiva loan Magaly bought a variety of merchandise such as clothing, footwear, and hair accessories, with which she increased her profits and her clientele. Now she plans to get another Kiva loan to invest exclusively in clothing, the product she sells most in the last trimester of the year.
Her investment is projected to be very successful because she'll buy high-quality seasonal products and she has a very good relationship with her customers, guaranteeing a quick recouping of her accounts receivable.
"Thank you, and continue keeping in mind the women heads of household so they can realize their goals."
Previous Loan DetailsMagaly, 50, lives with her husband in the Américas neighborhood on the southwest side of the city and they have three children, ages 21 through 26. As a family they have built their dreams little by little and with their savings were able to eventually own their own home. Also the family achiev... More from Magaly Esther'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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