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Aug 18, 2016 3:03 PM ET

Archived: Colombia – Sirley Milena: A loan of $525 helps to make improvements to her shop, for which she needs building materials: sand, gravel, rebar, and cement block, among other things.

iCrowdNewswire - Aug 18, 2016

Sirley Milena

Bogotà, Colombia / Construction Supplies
Borrower image

Sirley Milena’s story

Sirley is a 36-year-old woman who fulfills her role as head of household with excellence. She is very responsible with her business, and she is dedicated to her work, with the goal of ensuring good results which she contributes to the finances of her home.

She lives with her husband and children in the nation’s capital. For 14 years she worked for private companies, but she resigned and started her own business, in order to devote herself to caring for her children, especially the youngest who is just one year old.

With funds from her settlement she opened a store where she sells supplies and groceries, snacks, drinks, liquor and other articles. Every day of the week from 8 a.m. until 10 p.m. her business is available to satisfy the needs of her customers, who are mostly neighbors or people passing through the area.

Sirley is processing her first Kiva loan through the Fundación Mario Santo Domingo in order to make improvements to her shop. To do this she needs building materials such as sand, gravel, rebar, cement block, among other things.

Support this dreamer! 

Translated from Spanish by Kiva volunteer Kristin Fisher View original language description 

This loan is special because:

It helps train entrepreneurs to start their own business. 

Kiva staff 

More about this loan

This loan is part of an innovative partnership between Kiva Labs and Innovations for Poverty Action to evaluate how changes to the conditions of loans might improve the impact of microcredit on small businesses and the well-being of micro-entrepreneurs. Through this partnership, FMSD is testing new features for its small business loans: the design changes being tested include lower interest rates and more flexible repayment schedules aiming to encourage productive investments and to better match micro-entrepreneurs’ irregular income flows. As part of a randomized evaluation, this borrower may be offered one of these innovative loans. This is an exciting innovation and learning process for FMSD, but—like all innovators—it may face additional costs and potential risks in the process. Funding support from Kiva lenders is therefore particularly important to FMSD on this project.

About Fundación Mario Santo Domingo (FMSD):

Fundación 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.

A loan of $525 helps to make improvements to her shop, for which she needs building materials: sand, gravel, rebar, and cement block, among other things.

Contact Information:

Sirley Milena

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