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Andres

Update on Andres

Andrés, 60 years old, suffered the pain of losing his job and the uncertainty and desperation of looking for new sources of income in order to support his wife and four children. Tired of knocking on doors for work and of being rejected because of his age, he decided to change direction and look ahead. He chose to open a grocery store with his savings and generate an income to support himself and his family.

He is grateful for the opportunity that God has given him to become a small business owner and he wants to be the best. Therefore he wants to provide good service, earn more income and improve the financial situation of his household. That is why he is requesting a loan to buy a refrigerator, which will enable him to save energy and sell a greater variety of products, thus increasing his sales volume.

His greatest desire is to be able to guarantee his wife a dignified old age, without worries about financial shortfalls.
View original language description ↓
Andrés de 60 años de edad, padeció el dolor de perder su trabajo, la incertidumbre y la desesperación de buscar nuevas fuentes de ingresos para el sostenimiento de su esposa y sus cuatro hijos. Cansado de tocar puertas para emplearse y ser rechazado por su edad, decidió abrirse camino y mirar hacia delante. Con sus ahorros optó por montar su tienda de alimentos y generar el sustento para él y su familia. Agradece la oportunidad que le ha regalado Dios de convertirse en un micro empresario y desea ser el mejor. Por ello quiere ofrecer un buen servicio, generar mayores ingresos y mejorar la condición económica de su casa. Razón por l cual, se encuentra solicitando un crédito para la compra de una nevera, lo que le permitirá ahorrar energía y vender mayor variedad de productos, logrando aumentar su nivel de ventas.
Su mayor anhelo es poder garantizarle a su esposa una vejez digna sin preocupaciones ni carencias económicas.

Previous Loan Details

Andrés has been noted for being a person with great charisma and dedication to work and family. Seven years ago he had to face the adversity of becoming unemployed and having to find a new source of independent support. Because of this, he opened his own business and thanks to it is able to gen... More from Andres's previous loan »

Additional Information

Important Information

This 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.

About Colombia

  • $11,100
    Average annual income
  • 487
    View loans »
    Colombia Loans Fundraising
  • $15,254,800
    Funds lent in using Kiva
  • 1,780.8
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $575 helped Andres to purchase a refrigerator.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 14, 2013
Listed
Feb 1, 2013
Currency Exchange Loss:
Covered
Ended:
Feb 22, 2014
This photo was used before for a previous loan for Andres. It was first posted on Kiva on Feb, 2012. Learn More