Update on Beatriz ElenaBeatriz is 26 years old, and always dreamed of becoming a great stylist. She fought for her dream and today it is a reality. She has been working on what she calls her great passion for seven years. "Having an opportunity to make people happy and boost their self-esteem is my greatest reward when I do my work," says Beatriz with a big smile. She says her big secret to everything going well at work is that she loves what she does. She works daily from 9:00 am to 8:00 pm, along with an employee.
Although she is living her dream, this woman doesn't stop dreaming. She currently wants to increase her inventory of products so that she can offer her customers more variety. That is why she is requesting a loan, which she will use to purchase beauty products and make improvements in her salon. She expects this investment will increase her sales and she will be able to create more jobs.
Aunque su mayor sueño se cumple diariamente, esta mujer no para de soñar, hoy se desea ampliar su portafolio de productos y ofrecerles a sus clientes mayor variedad. Por esta razón se encuentra solicitando un crédito que destinará para la compra de artículos de belleza y adecuaciones locativas en su negocio. Espera que con esta inversión sus ventas aumenten y pueda ser generadora de más fuentes de empleo.
Previous Loan DetailsBeatriz studied hairstyling for three years and worked in a beauty salon for a long time but a few months ago decided to become independent and open her own beauty salon in order to have better economic conditions at home and thus help her parents to have a better quality of lie. She’s been… More from Beatriz Elena'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