Update on Carmenza IdaliaCarmenza, 59, is a woman dedicated to her home. She has spent the vast majority of her life looking after the well-being and education of her four children. Her children are now adults, and therefore Carmenza decided to set up her own business to keep her occupied and to generate an income to help her husband with the household costs. Her business is located in the living room of her home but she wants to make changes in the courtyard of her home to offer a better service and gain larger profits. For this reason, Carmenza is seeking a loan which she will invest in the purchase of seats and laying a cement floor as her courtyard is of soil.
Carmenza asserts that as long as there is life, there is hope, and that despite her age, her ultimate dream is to become a business woman.
Asegura que mientras hay vida hay esperanza y que a pesar de su edad su mayor sueño en convertirse en una mujer de negocios.
Previous Loan DetailsCarmenza started her business approximately three years ago as she was keen to contribute to household income. As her husband didn’t earn enough to pay for all the home expenses, Carmenza decided to open an ice-cream selling business in her own home so she could contribute a little and have a… More from Carmenza Idalia'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