Update on GustavoWith his previous Kiva loan, Gustavo was able to improve his infrastructure and his sales by purchasing a larger volume of soft drinks and candy. This produced a good turnover and he was able to reinvest. Thanks to his new income resulting from the loan, his family felt much better and he says to his Kiva supporters: “A thousand thanks to all of you for your good intentions towards the small business owners.”
Now, Gustavo is applying for a new Kiva loan, to be used for purchasing merchandise such as clothing, shoes, beer, soft drinks, and new cell phone plans. His investment will be successful because he possesses a large capacity for work, and has the experience and the market demand, plus much desire to triumph.
Previous Loan DetailsGustavo is a very joyful 64 year old man that lives with his partner and has three children between 25 and 30 years of age. His family is his great motivation and is the reason why he continues to work hard. In the Carrizal neighborhood in the city of Barranquilla, Gustavo has a business where he... More from Gustavo'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