Update on Gloria RosmiraFifty-one-year-old Gloria is married and the mother of two young children. She has been a housewife and full-time mom. A few years ago, her home situation was not the best, so she worked for a while to help her husband with the expenses. During the time she was working, she decided to study bookbinding. When she learned how to do it completely, she left her job and decided to work independently from home. Currently, this business allows her to improve her family's finances and it has given her children the opportunity to get an education. In order to improve her sales, Gloria is asking for a loan she will invest in raw materials to make notebook covers so she can sell them during the upcoming school season, which causes an increase in sales of school supplies.
Previous Loan DetailsGloria worked for many years at a business, which closed not long ago. She has been unemployed since. She took bookbinding classes and started a business from home, offering book and manuscript binding and photocopying services. Her sister helps her get new customers. The income from this business… More from Gloria Rosmira'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