Update on MarioMario is 60 years old. He is a farmer from the area of Sonsón. He has been working in agriculture since childhood. Currently he grows beans, tamarillos, and yellow potatoes. Through this activity he guaranteed his children access to education and a better quality of life.
Five years ago he decided to combine farming and selling products, so he rented a warehouse in his community to market them. With the purpose of expanding his sales, he is requesting a loan in order to buy fruits and vegetables using the loan for the vegetable service.
Mario is a man full of dreams, struggling for them until they become a reality. The most important thing is to buy the parcel of land he cultivates as the rent is expensive and reduces his profit.
Desde hace 5 años decidió combinar la agricultura con la comercialización de productos, por lo cual en su municipio alquiló una bodega con el fin de comercializarlos. Con el propósito de aumentar sus ventas, se encuentra solicitando un crédito para la compra de frutas y verduras con lo que prestará el servicio de legumbrería.
Mario es un hombre lleno de sueños, por los que luchará hasta convertirlos en realidad, el más importante es comprar el lote en donde tiene sus siembres ya que alquiler es costoso lo que ocasiona reducción en sus ganancias.
Previous Loan DetailsMario has always been known for being charismatic and a hard worker. He is married with five children, and has always tried to provide them with the best education possible. Mario has spent much of his life working in agriculture, thanks to his father who taught him the trade when he was very y... More from Mario'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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