Update on Erika VanessaÉrika is a 23-year-old woman, she lives in village in the Itagüí municipality and for the last six months she has been running her own business thanks to her brother's help. Her activity mainly focuses on selling stationery and other miscellaneous goods. Her ultimate dream is to expand her business and incorporate the sale of basic grocery goods given the demand from her customers.
She is deeply grateful to God for the opportunity and the present that she has been given, as it is thanks to her work that her two children, aged six and eight years old, that they will have the opportunity of attending school and complete primary schooling.
Today Érika is seeking a loan to buy a photocopier and goods, with the aim of increasing her sales and improving her family's living conditions.
Su actividad se enfoca principalmente en la prestación de servicios de papelería y miscelánea. Su mayor sueño es poder expandir su negocio e incorporar la venta de productos de la canasta familiar debido a la demanda de sus clientes.
Agradece profundamente a Dios por la oportunidad y el regalo dado, ya que gracias a su trabajo sus dos hijos de seis y ocho años de edad, tendrán la oportunidad de ingresar a la escuela a realizar su primaria.
Hoy se encuentra solicitando un crédito para la compra de una fotocopiadora y mercancía, con el fin de aumentar sus ventas y mejorar las condiciones de vida de su familia.
Previous Loan DetailsErika, 22, is a young married woman; she has two children who are 2 and 7 years old who she’s always wanted to provide a good quality of life for. Because the salary her husband earns is insufficient to cover all household expenses, she decided to start to work and this is how she started… More from Erika Vanessa'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