Update on Miguel AngelMiguel is a 20 year old youth and at his young age he has had to assume great responsibilities due to the death of his father. His family has worked for a long time making shoes in a little workshop located in his home, a legacy that today he has taken over since he is the eldest male. He works during the afternoon with his mother because he goes to school in the morning.
His greatest dream is to be able to create his own brand to increase earnings and to guarantee his family better opportunities in life. For the sake of his business project, he is asking for a loan to buy leather and supplies in order to make school shoes, in order to take advantage of the product demand in the student season.
His mother and his siblings are his greatest priority. His biggest challenge is to be able to offer greater financial stability.
Su mayor sueño es poder crear una marca propia para aumentar sus ingresos y garantizarle a su familia mejores oportunidades de vida. En pro de su proyecto de negocio, se encuentra solicitando un crédito que destinará para la compra de cuero e insumos para la fabricación de calzado escolar, con el fin de aprovechar la gran demanda del producto en la temporada estudiantil.
Su madre y sus hermanos son su gran prioridad. Su mayor reto es poderles ofrecer una estabilidad económica.
Previous Loan Details"Enterprising" is the best word for getting to know Miguel Angel, an 18-years-old who has already set up his own business and who works doggedly with a zeal for getting ahead. Miguel Angel learned how to make footwear some time ago, thanks to his father who taught him when he was very little.... More from Miguel Angel'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