Update on Luis AlfonsoLuis bought produce wholesale with his previous Kiva loan and obtained special discounts. This was good for his business and was thanks to Kiva. Right now, he is applying for a new loan. With it, he will buy prepared meals, produce, and meat. This way, he will have a bigger selection for the busiest time of the year, the month of December. That is why his investment will be successful, and that is why he tells his Kiva investors: "Thank you, keep supporting the micro-businesses of Barranquilla, since we are meeting some goals that we had."
Previous Loan DetailsLuis, 50, lives in Soledad with his spouse and two children who are 9 and 13 years old. He owns a store called “Tienda El Patrón” that arose years ago when he needed to help his mother. This is how he first called upon informal, high cost loans but as he gradually came out from under these debt... More from Luis Alfonso'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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