Update on Jairo45-year-old Jairo is a farmer who lives on a lane in the municipality of Sonsón in Colombia. He lives with his wife and three children. Every day he leaves his house very early and goes to his land where he has sown his beans and vegetables. He inherited this business from his family, who has been working in the fields for years. Jairo is a loyal lover of his work. He is grateful to God for allowing him to enjoy the fresh air and a big family. He is now requesting a loan, which he will use to buy inputs for sowing new crops and fertilizers, since he does not have the resources to make this investment.
His biggest challenge is to fight against the inclemency of the climate which, on various occasions, has brought him losses. He dreams of being able to offer his family a decent home and a good education for his children.
Su gran reto es luchar contra las inclemencias del clima que en varias ocasiones le han generado pérdidas. Sueña con poderle ofrecer a su familia una vivienda digna y sus hijos una buena educación.
Previous Loan DetailsJairo has dedicated his life to farming. With much effort and dedication he managed to get his own fields to grow potatoes and beans that he’s able to work daily to generate income needed to support his wife and three children. Currently, Jairo needs to buy supplies like sprays and manure to im... More from Jairo'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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