Ruth Del Socorro
Update on Ruth Del SocorroRuth is married and has three children. Five years ago she decided to undertake together with her husband a business that might give them a better income and a better quality of life.
Thanks to her husband 15 years experience working for a very recognized bakery in the city, her husband knew the major suppliers and customers, which help their business grow rapidly. Now her business give them a good quality of life at home.
Due to the fact that sales have been growing steadily, the sanitary requirements also have increased, and this is why Ruth seeks a loan that allows her to do adjustments to the bakery to respond to the sanitary requirements from the government agency. In this way her business can continue to grow and offer good products to their customers. In addition, she would be able receive better income and as a result have a better quality of life and a better economic stability. Her dream is to position his bakery and to pay her three children’s education.
De esta manera su negocio podrá seguir creciendo y cada vez seguir ofreciendo buenos productos a sus clientes, además, podrá recibir mejores ingresos con lo que su hogar tendrá la oportunidad de tener mejor calidad de vida y una mejor estabilidad económica. Su sueño es posicionar su panadería y que esta le siga permitiendo dar un estudio de buena calidad a sus 3 hijos.
Previous Loan DetailsRuth del Socorro A. B. is a 46 year old woman who has always been known for her great desire to succeed. After trying different activities, which allowed her to get her daily bread, she decided to take advantage of a small space in order to establish her own bakery. She sells different products... More from Ruth Del Socorro'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