Update on Luis GermanLuis bought many supplies such as a professional hairdryer and a flattening iron with which he stocked up his hair salon located in the town of Cartagena de India. He currently has more customers, because with the new hairdryer and flattening iron he offers his clientele a higher quality work. These conditions are satisfactory for him because he used to serve only male customers, and the female clientele is very good and results in better profits. He tells his Kiva lenders: "Thank you for contributing a grain of sand towards the accomplishment of my goals, so that someday I may own a huge salon". He has recently approached Fundación Mario Santo Domingo in order to apply for a new Kiva loan, because he wishes to keep on growing through his own efforts. With this loan he'll purchase new machines for trimming and shaving hair in order to replace the old ones that he's been using. That way he'll once again make an impact on his customers and keep them very loyal.
Previous Loan DetailsLuis is 56 years old and lives in the city of Cartagena and has a 16 year old son. He is the owner of a miscellaneous shop and a hairdresser/barbershop where he offers personal image improvement for men, women and children; at the same time he sells his miscellaneous beauty products and accessori... More from Luis German'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
- Jan 25, 2013
- Jan 30, 2013
- Currency Exchange Loss:
- Mar 17, 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.