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María Mariela

Update on María Mariela

María, 66, decided some years ago to start selling ice cream with the help of one of her three children, who received some training for this activity.

Thanks to the high quality of the service, this business is now highly positioned in the area. For this reason, María is requesting a loan to invest in stock and to make some improvements to the establishment. Her biggest wish is to expand her business and increase her income in order to have a better quality of life.
View original language description ↓
María tiene 66 años de edad y desde hace algunos años decidió dedicarse a la venta de helados con el apoyo de uno de sus tres hijos quien se capacitó en esta actividad. Gracias a la calidad en el servicio su negocio se encuentra altamente posicionado en el sector. Razón por la cual hoy se encuentra solicitando un crédito que invertirá en la compra de surtido y adecuaciones locativas.
Su mayor deseo es ampliar su negocio y aumentar sus ingresos para gozar de una mejor calidad de vida.

Previous Loan Details

María Mariela is a born entrepreneur. She has always enjoyed working independently since she was a young girl. Some years ago, she decided to set up her own business selling iced treats as there was no direct competition in her neighborhood. María Mariela works from Sunday to Sunday. On wee... More from María Mariela'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
  • 512
    View loans »
    Colombia Loans Fundraising
  • $14,638,350
    Funds lent in using Kiva
  • 1,900.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,075 helped María Mariela to stock her business and make some improvements to her establishment.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 16, 2013
Listed
Jun 18, 2013
Currency Exchange Loss:
Covered
Ended:
Dec 17, 2014