Update on Yamil AdolfoYamil is married, and to earn an income to support his family, he has a business selling fruit and vegetables. It is located in a good area of his municipality. Thanks to his business, he has been able to get his family ahead, and so he continues to work hard every day. His biggest obstacle in his business has been the lack of capital. It was a year ago that he started working on this business, and he had to work really long days to be able to forge ahead with his business. He needs to start selling fruit slurries, which are a product that require refrigeration. Yamil is seeking a loan to purchase a refrigerator that he can use to start offering his customers fruit slurry.
Yamil’s dream is to have children with his wife in the near future. He is hoping that his business can provide him a good income that he can use to offer a good quality of life to his children.
Yamil sueña con en un futuro próximo tener hijos con su esposa, y para eso espera que su negocio le brinde buenos ingresos y así ofrecerles buena calidad de vida a sus hijos.
Previous Loan DetailsYamil, 28, is an entrepreneur who wants to start his own business. Yamil wants to open his own vegetable shop in his home’s garage located in the town of Marinilla in east Antioquia. Yamil needs to buy merchandise like fruit and vegetables, furnishings and furniture. Yamil will be able to… More from Yamil Adolfo'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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