Update on Diana PatriciaDiana has a beer distributing business, and through this enterprise she generates an income to contribute financially to the household in order to cover spending. Diana is married and has 2 children aged 9 and 6 who she has always dreamt of being able to give a better quality of life and a better education, that is why she always works hard in the business in order to get ahead.
As her sales are increasing, Diana needs a loan to buy a cart with which can distribute beers to businesses. Her dream is to have an enhanced business to have improved sales and in that manner her family will have a better quality of life.
Su sueño es tener un mejor negocio para tener mejores ingresos y que así su familia tenga una mejor calidad de vida.
Previous Loan DetailsFor four years Diana has had a warehouse in which she distributes beer, in the town of San Rafael located to the east of Antioquía. This has presented difficulties in storage because the access road to the town has remained closed for several days because of winter, which has caused product… More from Diana Patricia'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