Update on Blanca Aurora63-year old Blanca considers herself an enterprising woman, as for a long time now she has managed to get together enough resources to allow her six children to get ahead. She now runs a business selling food outside her home at weekends. As well she has a sewing business providing services to her neighbours and people who live further away. She started the food business as she didn't earn enough from sewing.
Blanca dreams of a better future where she will have a well-known sewing workshop and an expanding meal business. In order to achieve this, she knows that she has to improve some aspects such as the grill, kitchen tools, and supplies. However, this all costs more than she can afford so she is seeking a loan so that the food she produces will be of higher quality, sales will increase, as will her income.
Blanca sueña con un mejor futuro, con llegar a tener un taller de confección muy reconocido, y con hacer crecer su negocio de comidas, y para ello sabes que debe mejorar algunos aspectos del lugar como las parrillas, las herramientas de cocina, e insumos para la producción de alimentos, sin embargo la suma de dinero es muy alta para ella, por lo que solicita un crédito de inversión para su negocio, así sus productos tendrán mas calidad y sus ventas se incrementarán al igual que sus ingresos.
Previous Loan DetailsAt 63 years old, Blanca Aurora P. de Marín sews for a living. Over the past ten years, her business has become a big help in supporting her family. Her neighbors are her main customers. In addition to making all types of clothes, Blanca also does different types of mending and repairs, which are… More from Blanca Aurora's previous loan »
Important InformationThis loan is structured on Kiva as a bullet loan, which means a single payment is required at the end of the loan term. By Colombian law, Kiva's partner Interactuar is required to offer borrowers loans with a variable interest rate that fluctuates with the market rate. Because fixed monthly payments are applied first to interest and then to principal, Interactuar is unable to predict upfront what portion of each repayment would go towards the loan principal. This creates a challenge with Kiva's system, which doesn't allow for unpredictable principal payments, and can result in some Interactuar clients appearing falsely delinquent. To remedy this, the loan has an end-of-term repayment plan on Kiva, but the borrower will continue scheduled monthly repayments to Interactuar, who will then pass along the principal amount to Kiva lenders. This means that you may see repayments made on this loan throughout the repayment term, as opposed to receiving repayment in full at the end of the loan term.
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
- Repayment Term
- 20 months (Additional Information)
- Repayment Schedule
- Sep 14, 2011
- Sep 23, 2011
- Currency Exchange Loss:
- Nov 16, 2012
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.