Update on Luis CarlosLuis Carlos is 40 years old. He comes from the country and makes a living growing beans. He learned this trade from his father, who did this work for all of his life. Family is Luis Carlos' biggest priority and every day he does his best in order to guarantee better living conditions for them.
His product is sold in the market square in his town. His biggest challenge is dealing with the climate changes that affect his crops, and variation in prices which result in substantial losses. Luis Carlos longs to have sufficient resources to build a home on the land where he sows his beans.
In order to bring in the harvest soon, Luisa Carlos is applying for a loan to buy fertilisers, insecticides and fungicides to fertilise his crops and to generate an income that will be used to buy school materials for his nephews.
Su producción es comercializada en su pueblo en la plaza de mercado. Su mayor reto es luchar contra los cambios climáticos que afectan sus cultivos y la variación de precios que le produce pérdidas significativas. Su mayor anhelo es contar con los recursos suficientes para construir su vivienda en su lote en donde realiza sus siembras.
Con el fin sacar pronto su cosecha, Luis se encuentra solicitando un crédito para la compra de abonos, insecticidas y fungicidas para reabonar su cultivo y generar recursos que destinará para la compra de material escolar para sus sobrinos.
Previous Loan DetailsSeñor Luis Carlos has been working as a farmer for 15 years and this activity has allowed him to bring in the income necessary to support himself. He learned this work from his father who was also a farmer and who died a year ago. Currently, Señor Luis Carlos grows corn and beans on his parents… More from Luis Carlos'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