Update on Elena MercedesElena bought fabric, t-shirts, and accessories with which she visited a lot of her customers and earned money. She is currently very enthusiastic with this investment, and she is applying for a new Kiva loan.
She will use the new loan to buy fabric and invest in the maintenance of her machinery. The end of the year is a very good season, and she needs to be well-prepared in order to opportunely respond to her clientele as she is accustomed to doing.
She is very grateful for the loans, and she asks the lenders to continue with this work for many more years.
Previous Loan DetailsElena Mercedes Meléndez Q. is a hard-working, 69 year-old woman who lives with one of her sons and three grandchildren in the town of San Jacinto, in the center of Bolívar province, in the north of the country. This town is famous nationwide for its beautiful handicrafts, especially hammocks, ba... More from Elena Mercedes'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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Success!! The loan was 100% repaid