Hugo
Status: Paying Back
| $4,500.00 | Loan Amount |
|---|
0% repaid
About the Entrepreneur
(For privacy reasons, the Field Partner has requested that last name be undisclosed)| Name: | Hugo |
|---|---|
| Location: | New York, New York, United States |
| Activity: | Transportation |
About the Loan
| Loan Amount: | $4,500.00 |
|---|---|
| Loan Use: | To pay for van maintenance and inspection tags |
| Repayment Term: | 17 months - View details below |
| Lenders Repaid: | Monthly |
| Currency Exchange Loss: | N/A
 |
| Date Listed: | Oct 19, 2009 |
| Date Disbursed: | Sep 30, 2009 |
| Date Funded: | Oct 21, 2009 |
About the Field Partner
About the Field Partner
|
|
| Field Partner: | ACCION USA |
|---|---|
| Field Partner Risk Rating: | |
| Fundraising Status: | Pilot |
| Time On Kiva: | 5 months |
| Kiva Entrepreneurs: | 58 |
| Total Loans: | $267,800 |
| Delinquency Rate: | 3.40% |
| Default Rate: | 0.00% |
| Currency Exchange Loss Rate: | 0.00% |
| More on this field partner >> | |
About the Country
| Country: | United States |
|---|---|
| Avg Annual Income: | $47,000.00 |
| Currency: | United States Dollars (USD) |
Hugo was a driver in his native Ecuador so, when he moved to the States, it was a natural choice to continue in his profession, and he started his own high-occupancy van transportation business in 2000. One of the major costs of a business like Hugo's is constant maintenance of the vehicle fleet. Hugo was able to cover these costs with a credit card, but it was very costly and only a short-term fix.
Hugo used his first loan to do some maintenance on his van, but this loan served another purpose which was building up and improving his credit history. Now Hugo will be taking out a second loan to cover more maintenance costs, and he hopes to buy a second van soon.
Hugo is optimistic that he will be able to expand his business because his ACCION USA loans have improved his credit rating. He says he is grateful because he feels the loans have lifted him up economically, and he is now more financially comfortable than he would have been if he had kept using credit cards. In addition to buying a new van, Hugo wants to continue to keep his vans in great shape so they will stay functional for years to come.
Important Information About This Loan
Kiva realizes that access to credit is a challenge for entrepreneurs everywhere. Kiva started out as a website focused on developing-world entrepreneurs. In June 2009, Kiva began experimenting with allowing entrepreneurs in the United States to raise money on its website. If this is something you support, please feel free to fund this loan. If you have questions, including how an entrepreneur in your neighborhood might get a loan, please visit our Help Center and click on "Loans in the United States."
Hugo used his first loan to do some maintenance on his van, but this loan served another purpose which was building up and improving his credit history. Now Hugo will be taking out a second loan to cover more maintenance costs, and he hopes to buy a second van soon.
Hugo is optimistic that he will be able to expand his business because his ACCION USA loans have improved his credit rating. He says he is grateful because he feels the loans have lifted him up economically, and he is now more financially comfortable than he would have been if he had kept using credit cards. In addition to buying a new van, Hugo wants to continue to keep his vans in great shape so they will stay functional for years to come.
Important Information About This Loan
Kiva realizes that access to credit is a challenge for entrepreneurs everywhere. Kiva started out as a website focused on developing-world entrepreneurs. In June 2009, Kiva began experimenting with allowing entrepreneurs in the United States to raise money on its website. If this is something you support, please feel free to fund this loan. If you have questions, including how an entrepreneur in your neighborhood might get a loan, please visit our Help Center and click on "Loans in the United States."
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Journal entries for Hugo
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Loan has been disbursed
Location: New York, New York, United States
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Posted by
from New York, New York, United States
Oct 22, 2009 |
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Comment on this entry
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Repayment Schedule for Hugo
Repayment Schedule for Hugo
| Expected Repayments | Actual Repayments | Comments | |||
|---|---|---|---|---|---|
| January 2010 | $294.50 | Available Jan 1 | |||
| February 2010 | $298.44 | Available Feb 1 | |||
| March 2010 | $302.40 | Available Mar 1 | |||
| April 2010 | $306.43 | Available Apr 1 | |||
| May 2010 | $310.52 | Available May 1 | |||
| June 2010 | $314.66 | Available Jun 1 | |||
| July 2010 | $318.85 | Available Jul 1 | |||
| August 2010 | $323.10 | Available Aug 1 | |||
| September 2010 | $327.40 | Available Sep 1 | |||
| October 2010 | $331.77 | Available Oct 1 | |||
| November 2010 | $336.19 | Available Nov 1 | |||
| December 2010 | $340.67 | Available Dec 1 | |||
| January 2011 | $345.20 | Available Jan 1 | |||
| February 2011 | $349.87 | Available Feb 1 | |||
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