Update on MarielaMariela has always been known for her determination, thanks to which she has been able to provide for her children and continue getting ahead despite the many great challenges she has had to face in her life. Mariela is divorced and the single mother of three children for whom she wants to provide a good education. Her three children are young adults, so they are not a great burden for Mariela, but she still has to pay for a university education for one of them. Mariela is in the sewing business. She learned the skill years ago when she worked for a company, but then decided to work for herself because she did not feel she was being paid well. In her workshop, Mariela makes and repairs handbags and, sometimes, shoes. She is able to generate enough income for her household. In order to buy supplies for her workshop, Mariela is seeking a loan to buy sewing supplies for her shop.
She is hopeful the purchase will not affect her monthly income so she can continue giving her family a good quality of life. Her goal is to continue working on her own and being able to generate an income independently.
Mariela espera adquirir estos insumos sin que sus ingresos mensuales se vean afectados, y pueda seguir ofreciendo a su familia una buena calidad de vida. Mariela sueña con seguir teniendo la oportunidad de trabajar por su propia cuenta y siendo independiente en la generación de sus ingresos.
Previous Loan DetailsAt the age of 61, Mariela is quite the fighter because when she separated from her husband she was forced to start her own business with one of her children. Together they started to repair shoes and purses and to manufacture sandals. Mariela and her son work in Medellín’s Comuna 13… More from Mariela'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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