Update on Juan PabloJuan, 30, has a small bakery located at home where he works alongside his wife. They start their work day every day at 5am and continue until 6pm. He started the business thanks to family support and a baking course he took some years ago.
Aiming at increasing production thanks to the good reception his products have had in the sector Juan is asking for a loan to expand the food plant, to repair the roof and to buy a refrigerated display case. His greatest dream is to position the business in the local market and become number one. He hopes to provide his family with proper quality of life.
Con el fin de aumentar su producción, gracias a la buena acogida que han tenido sus productos en el sector, Juan se encuentra solicitando un crédito que invertirá en la ampliación de la planta de alimentos, el techo y la compra de una vitrina enfriadora.
Su mayor sueño es poder posicionar su negocio en el mercado local y convertirse en la número uno. Espera brindarle a su familia una calidad de vida digna.
Previous Loan Details30-year-old Juan Pablo is an entrepreneurial, forward thinker. Some years ago he set up his own bakery which he is still running to this day. In order to expand his product portfolio, he is requesting a loan so that he can learn how to bake and decorate cakes. He hopes that this investment will… More from Juan Pablo'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