Update on Hernando JaimeHernando learned the movie and video game rental trade 13 years ago. Since then, he has managed his own business so that he can generate the income he needs to sustain his household. His greatest challenge is dealing with the competition in his area, so Hernando looks for ways to differentiate himself by offering transcription services, in-house video game usage in his business, and other services. This enables him to survive in the marketplace and increase his clientele.
Hernando seeks to improve his business, so he continues to take advantage of opportunities that have been presented to him. Therefore, he is requesting a loan so that he can buy movies and video games, which will increase the variety he offers to his customers.
His dream is to make his business larger so that he can improve his family’s income. In addition, Hernando wants to create jobs so that he can help others make progress.
Su sueño es hacer que su negocio sea más grande y poder mejorar los ingresos para su familia. Además poder generar empleo y ayudar a otros a progresar.
Previous Loan DetailsHernando is noted for being a very hard-working man who creates new ideas for his business so that he is never beaten in terms of sales by the high level of competition that exists in his region. Hernando is very well known for offering a very good service to his customers. This has gained him… More from Hernando Jaime'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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