Update on Francisco JavierFrancisco 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.
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 DetailsFrancisco 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 »
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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