Update on MariaMaria is 61 years old and is dedicated to her family. Since her husband abandoned her, she has fought for her two children to be able to get ahead and have better opportunities. She started working as a street vendor, going around her city to sell all kinds of sweets. The city government later gave her the opportunity to set up her business in a food stall.
Today, she is satisfied because her quality of life has improved considerably. With the aim of raising her income and expanding her business, Maria is asking for a loan in order to invest in purchasing goods to sell.
Con el fin de aumentar sus ingresos y expandir su negocio, María se encuentra solicitando un crédito que invertirá en la compra de surtido.
Previous Loan DetailsMaria is a person who has been working from an early age, mainly because her parents were not able to provide financial opportunities. Later on, she became a single mother of two children when their father abandoned them. Maria was without financial support for a long time, so she took charge of… More from Maria'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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