Update on Jose LeonardoJosé’s married and has three children who he’s always wanted to provide a good quality of life for. To generate household income to support his family, he has had a carpentry shop for some time since he decided to open his own business. He used to be employed in a carpentry shop and decided to open his own business that he’s managed to move forward with much effort and provide his family with a better quality of life.
Thanks to the good quality of the goods he produces he’s gotten very good orders and this has led to his household’s economic difficulties gradually diminish. Now that he has very good pending customer orders he does not have sufficient capital to respond to them so José is looking for a loan to buy raw materials to fill customer orders and continue generating income.
His dream is to move his shop forward and that it allows him to have a good quality of life for his family and better opportunities for economic progress. He also hopes that his three children will have the opportunity of enrolling in a better quality education and in future have access to the university.
Su sueño es sacar este taller adelante y que este le permita tener una buena calidad de vida para su familia y mejores oportunidades económicas para progresar. Además, aspira a que sus 3 hijos tengan la oportunidad de ingresar a una educación de mejor calidad y en un futuro acceder a una educación universitaria.
Previous Loan DetailsJose is a person who is well known for his desire to work and provide for his family. He has been working as a furniture maker for approximately 30 years. This business makes him the income he needs to support his household. Jose used to work in a cabinet maker's workshop where he acquired the... More from Jose Leonardo'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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