Update on Hector SantiagoHector Santiago, 19, is a young entrepreneur who has decided to find his own income source so that he can contribute to his household, relieve his parents' financial difficulties, and pay for his university courses. He learned how to sell personal care products watching other salespeople in the field. He started his own business about 6 months ago and works hard at it every day.
Though he started his business with few resources, his effort has allowed him to prosper and receive many customer orders. He is, therefore, requesting a loan to buy personal care products to fill his customers' orders. He dreams of having a big business with many customers that will allow him to earn more income to contribute to his parents ,so that their life is better, and to be able to pay for his university studies.
Su sueño es llegar a tener un gran negocio con muchos clientes y que esto le permita generar los recursos con los que pueda contribuir aún más con sus padres para tener una mejor calidad de vida en el hogar, y también poder pagar sus estudios universitarios.
Previous Loan DetailsYoung Héctor at 19 years of age is an entrepreneur who has been selling beauty and health products by mail order for a month. The idea for the business arose upon seeing an acquaintance run a similar business and they explained to him how to run such a business. With the spirit to begin strongly… More from Hector Santiago'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