Update on Liliana AndreaLiliana wishes to start a nightclub in the main park of Puerto Triunfo. This locale has been in operation many years, but it was closed due to poor management. She will work with one other person who has all the necessary knowledge in the management of bars and nightclubs. The venue will open on weekends and will fulfill the schedule normally kept by these establishments (8:00 pm to 4:00 am). She will use the loan to purchase the necessary assortment of goods (beers, liquors, sodas, snacks) and to adjust the venue.
Ella manejara el crédito para comprar surtido necesario (cervezas, licores, gaseosas, pasa bocas), y adecuar el local
Previous Loan DetailsLiliana is a single mother and head of household. She has a two year-old son to whom she has always wanted to provide a good quality of life. To do this she works very hard in her business, which is a stationery store, to generate enough income so that she can have good economic stability for her… More from Liliana Andrea'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