Update on Pedro NestorPedro invested his loan from Kiva in different stock items, which he sold very quickly. He is very satisfied with this and would like to tell those who financed the loan that both himself and his family are very grateful for the support received from such a large institution that thinks of small businesses.
At present he is making a request for another Kiva loan which he will use to buy natural products and other miscellaneous items, such as stationery and children’s toys. With this investment, he hopes to impress his customers in order to increase sales, especially in the month of December when usually there is very high demand for the type of products that he sells. This is what makes his Kiva loan a total success.
Previous Loan DetailsPedro, 45, lives in the southern part of the city and sells housewares door-to-door for more than eight hours daily. He started his business 20 years ago. He learned it from his parents but he did this work out of necessity because he did not find employment opportunities in business. This led... More from Pedro Nestor'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
- Repayment Term
- 15 months (Additional Information)
- Repayment Schedule
- Dec 14, 2012
- Dec 19, 2012
- Currency Exchange Loss:
- Aug 18, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.