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Francisco Javier

Update on Francisco Javier

Francisco is a 56-year old farmer, who has been working in agriculture for the past 31 years. This activity has made it possible for him to provide his family with better life conditions. He now works as a butler in a ranch located in Sonsón, Colombia, where he cultivates creole potatoes and peas in the plot that he borrowed from the owner. Given that the plot is very spacious, Francisco wants to buy a young cow that will give him additional income for his family's well-being. He doesn't have the resources to make the investment, which is why he's requesting a loan. Francisco expects to capitalize on the investment and increase the livestock, with an aim to have a large dairy business and be able to become independent in the future.
View original language description ↓
Francisco de 56 años de edad, es un campesino dedicado a la agricultura desde hace 31 años, actividad que le ha permitido ofrecerle a su familia mejores condiciones de vida. En la actualidad se desempeña como mayordomo en una finca ubicada en el municipio de Sonsón, Colombia, en donde cultiva papa criolla y arveja, gracias a que el propietario le prestó un lote de la finca. Debido a la amplitud de las hectáreas, Francisco desea comprar una novillona la cual le permitirá generar mayores ingresos para el bienestar de su familia. Razón por la cual se encuentra solicitando un crédito ya que no cuenta con los recursos para realizar la inversión.

Francisco espera poder capitalizar su inversión para incrementar el ganado con el fin de tener una gran empresa lechera y poder independizarse en un futuro.

Previous Loan Details

Francisco is a native of the town of Sonsón in Antioquia. He started out working as a field laborer, but now he is the foreman on a farm where he lives with his wife and two children. Francisco is very knowledgeable about the work required on a farm since he had to learn at a young age. He has… More from Francisco Javier's previous loan »

Additional Information

Important Information

This 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.

About Colombia

  • $6,070
    Average annual income
  • 190
    View loans »
    Colombia Loans Fundraising
  • $12,876,400
    Funds lent in using Kiva
  • 1,813.2
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $575 helped Francisco Javier to buy a young cow.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 13, 2013
Listed
Mar 7, 2013
Currency Exchange Loss:
Covered
Ended:
Jan 18, 2014