Update on RicardoRicardo is sixty-five years old. For ten years, he has had a small store that is located in the living room of his house. He began this business after being displaced by violence with his family; with few employment opportunities due to his lack of education, he opted to start his own business in order to generate income to sustain his home.
Today, Ricardo finds himself requesting a loan that he will invest in the purchase of items to stock his store, with the end result being to offer his clients a better quality of service.
His dream is to make his business independent from his home and to receive training so that he can start a bakery and grow his portfolio of products.
Ricardo Hoy se encuentra solicitando un crédito que invertirá en la compra de surtido con el fin de ofrecerles a sus clientes una mejorar calidad en el servicio.
Su sueño es independizar su negocio de la vivienda y capacitarse en el oficio de panadería para ampliar su portafolio de productos.
Previous Loan DetailsFor the past nine years, Sr. Ricardo has worked in a small store situated in the living room of his house. He started this business with money that his daughter had given him. Sr. Ricardo’s work schedule is from 8am to 7pm every day. He is always motivated to help with the family expenses and… More from Ricardo'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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