Update on Martha CeciliaMartha is 49 years old; she has been a businesswoman for some years. After separating from her husband, she had to come up with a way of generating resources to support her three children and give them an education.
It was for this reason that she began selling clothing to her relatives and friends as an economic activity. Currently, thanks to her efforts and dedication, she succeeded in starting her own store, which has allowed her to increase her sales and improve the quality of life in her home.
Now, she is requesting a loan that she will invest in the purchase of supplies, with the goal of continuing to grow within the local market. She dreams of giving her children the opportunity to enter into higher education and graduate as professionals.
Previous Loan DetailsFor 15 years, Martha worked as an employee in a business that sold clothes. However, in 2005 the owner gave her the opportunity to buy part of the business as a result of her good job performance and her responsibility. Now Martha has her own business with which she makes the income she needs to… More from Martha Cecilia'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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Success!! The loan was 100% repaid