Update on Luis ArgemiroLuis is a very hardworking person who, after much effort, has been able to make his café successful, and despite the great challenges that he has faced, he has been strong enough to overcome them and continue prospering alongside his family. Some time ago, his municipality was the center of a violent conflict, which seriously hurt business and in turn, made Luis' earnings insufficient. However, through a lot of hard work and determination, he has been able to keep his business afloat, and now that sales are improving, he is seeking a loan to restock his café.
His dream is to be able to buy his own business space and offer his family a better quality of life.
Su sueño es comprar su propio local y poder ofrecerle a su familia una mejor calidad de vida.
Previous Loan DetailsArgemiro is a person who has always been known for being very hard-working, and he always wants to offer a better quality of life in his household. For this reason, for approximately the past 20 years, he has been working hard in his business, which is a café located in the main park of his munic... More from Luis Argemiro'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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