Update on Emilba RosaRosa is 45 years old. She has been working for more than 5 years selling fries and fast food from a cart that she was able to purchase thanks to her hard work and sacrifices. With this work, she has been able to bring up her family and offer her 3 children an education. Every day, she gets up at 5 in the morning to prepare her supplies and then she carries out her labors until 7 at night.
Currently, she needs supplies to be able to make her goods and so she is requesting a loan that will enable her to increase her income and in this way to improve the quality of life for her immediate family. Her greatest dream is to have a room to work from to avoid the losses that she suffers when it rains and to improve her economic circumstances.
En la actualidad se encuentra necesitando insumos para seguir elaborando sus productos, y para ello solicita un crédito, que le permitirá aumentar sus ingresos y de esta forma aumentar la calidad de vida para su núcleo familiar. Su mayor sueño es poder adecuar un local, para evitar las perdidas que le ocasionan la lluvia y mejorar su situación económica.
Previous Loan DetailsEmilia and her business are known for their excellent quality and service. She sells fast food from a small stand in the street. Through her work she is able to provide a quality lifestyle to her family of five children and husband. Her dream is to have a restaurant one day so she can leave a… More from Emilba Rosa'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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