Update on EricThank you for helping Eric, who used his Kiva credit to purchase corn, potatoes, flour, rice, and cookware like pots and spoons, all of which he used to respond to seasonal sales that presented themselves. Being able to have everything already ready to meet demand, he was able to increase his earnings because he was able to offer special prices and he acquired supplies he was not used to purchasing. Eric says to his financiers "Thank you for the support you have given me in the form of this credit" it has allowed him to strengthen his business. He is currently applying for a new credit with Kiva that he will use to purchase prime materials as well as wholesale supplies of corn, rice, potato, oils, etc. With this credit, he hopes to increase his earnings because he will be able to produce his product at a lower cost, this will be an example of how successful his Kiva credit will be.
Previous Loan DetailsEric used his previous Kiva loan to buy supplies such as corn, potatoes, rice and some equipment, such as pots and spoons, in order to make the products that he sells. Currently he is applying for a new Kiva loan to buy supplies again, but in greater volume. Mother’s Day, Father’s Day and Secreta... More from Eric'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