Ricardo De Jesús
Update on Ricardo De JesúsRicardo is a humble, hard-working man who worked for many years in recycling. Through a programme run by a foundation, he discovered that he has a great entrepreneurial spirit. He decided to take advantage of the fact that his home is located on the corner of the main street in his neighbourhood. He has been very proactive and has worked hard to establish his business. He had to confront a difficult situation; the government wanted to close his business for invading public space. However, after collecting over 100 signatures and getting legal advice, he was able to defend himself and he now has the necessary permissions. Ricardo hopes that a loan will provide him with the ability to buy construction materials to make some improvements to his business. He promised the government body that regulates the use of public space that he would make these improvements.
Ricardo hopes to keep improving his business and to prosper. His dream is to be a professional and to go to university, paying his tuition with the income from his business.
Ricardo espera seguir con su negocio adelante y hacerlo prosperar en su sector. Además, Ricardo tiene el sueño de ser un profesional e ir a la universidad, pagando sus estudios con los ingresos que obtiene de su negocio.
Previous Loan DetailsSince he was a boy, Ricardo de Jesús P. R. has known how to make a living because from an early age, owing to the scarce resources of his large family, he had to take on a number of different trades, learning which gave him the opportunity to earn some money to help his household. After having... More from Ricardo De Jesús'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