Update on JulioAfter Julio received his Kiva loan, he bought cell phones, accessories, and replacement parts that he sold. This gave him more profits and greater liquidity. Now he is applying for a new Kiva loan which he will use to buy replacement parts and accessories for cell phones, wholesale and for cash. This way he will get a lot of discounts and he will compete more comfortably in the market. He sends the following message to the Kiva lenders: "Thank you very much and may God bless you for supporting me."
Previous Loan DetailsJulio, 26 years old, worked in a shop offering communications services over 4 years ago, where he gained enough experience to become independent and start his own business. For the past 3 years, he has been offering internet services, telephone communication services, sales of cell phones and cel... More from Julio'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