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Alba Ruth

Update on Alba Ruth

Alba, 44, is a single mother of two children. She worked as a store manager for more than five years but decided to retire and use her savings to start her own business plan. She opened a store that sells sewing supplies like buttons, ribbons, thread and fringe, among others. She’s supported her family this way providing them with schooling and housing. She currently dreams with continuing to grow in the local marketplace which is why she’s asking for a loan to buy two display cases and stock merchandise to increase her level of sales.
View original language description ↓
Alba de 44 años de edad, es madre soltera de dos hijos. Trabajó en como administradora de un almacén por más de cinco años, pero decidió retirarse y con sus ahorros dio inicio a su plan de negocios. Abrió una tienda dedicada a la venta de artículos para la confección tale como botones, cintas, hilos, franjas entre otros. Con lo cual ha sacado adelante a su familia brindándoles educación y vivienda.
En la actualidad sueña con seguir creciendo dentro del mercado local, por lo cual se encuentra solicitando un crédito para la compra de dos vitrinas y surtido con el fin de aumentar su nivel de venats.

Previous Loan Details

Alba Ruth is 43 years old and the mother of two children with whom she lives in the city of Sonsón in the east of Antioquia. Alba Ruth worked for 25 years at two different shops, one clothing sales and one decoration sales. It was this that gave her the idea to set up her own decorations shop t... More from Alba Ruth'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.

Tags

About Colombia

  • $6,070
    Average annual income
  • 291
    View loans »
    Colombia Loans Fundraising
  • $13,930,350
    Funds lent in using Kiva
  • 1,843.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,650 helped Alba Ruth to buy a display case and inventory.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 23, 2013
Listed
May 24, 2013
Currency Exchange Loss:
Covered
Ended:
Dec 19, 2013
This photo was used before for a previous loan for Alba Ruth. It was first posted on Kiva on Dec, 2011. Learn More