Update on AndresAndrés, 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.
Su mayor anhelo es poder garantizarle a su esposa una vejez digna sin preocupaciones ni carencias económicas.
Previous Loan DetailsAndrés 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 »
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
- Repayment Term
- 14 months (Additional Information)
- Repayment Schedule
- Jan 14, 2013
- Feb 1, 2013
- Currency Exchange Loss:
- Feb 22, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.