Update on Maria MarlenyMaría Marleny, 51 years old, has had to work since she was a teenager because of her family's difficult financial situation. She learned to make a living for herself by working in different shops in the area, where she learned a lot about the retail industry. Later, she got married and dedicated her time to the work around her house. When her son was born, she decided she needed to open up her own business in order to help her husband pay their family's household expenses.
María Marlenny is requesting this loan in order to buy basic goods to stock her store, as well as display glass and shelving. She is looking to improve her store and widen its variety of merchandise. Her biggest wish is to increase the store's profits so that she can help her family financially and offer her son a better quality of life.
Previous Loan DetailsMaria is married and has a seventeen year old son. Since the income her husband earns is not sufficient to pay for the household expenses and also provide their son with a good quality education, she decided to open a general store where she sells staple goods. Thanks to her business, she is able… More from Maria Marleny'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