Update on TeofiloTeofilo is married and has six children. He lives in his own home, which consists of two small rooms. The house is located in the District of Villa La Merced in the city of La Paz.
At the moment, he works more than 10 hours a day as a mechanic. Sometimes he leaves during the night to work on minor mechanical jobs. With what little income he earns, he is able to pay for expenses such as food and the cost of basic services for his family.
The loan he is requesting will be used for repairs to his auto repair shop. He wants to have more work space so that he can improve his earnings and service more vehicles that are in need of repairs or maintenance.
Teofilo dreams of expanding his shop by adding a shed so that he does not have to work in the open air where the sun or rain could slow down his work. This is the sixth time he has requested a loan from IMPRO, but the third time from Kiva.
Actualmente trabaja por mas de diez horas al día ya que es mecánico y a veces sale durante la noche a realizar auxilios mecánicos,con los pocos ingresos que tiene debe cubrir los gastos de alimentación y pago de servicios básicos de su familia.
El crédito lo requiere para la refacción de su taller mecánico ya que desea tener mas espacio para trabajar y de esta forma mejorara sus ingresos por que podrá atender mas vehículos que necesiten algún arreglo o mantenimiento.
El sueño de Teofilo es ampliar su taller con un tinglado para no trabajar al aire libre bajo el sol o la lluvia ya que eso retarda su trabajo.
Es la sexta vez que solicita crédito junto a IMPRO y la tercera vez con KIVA.
Previous Loan DetailsTeofilo works as an auto mechanic, and he has his own shop. He does all types of repairs on vehicles. The loan that he needs is to expand his garage. He will do this to make it more comfortable and to be able to better serve his customers. This way he will get more income in order to help his… More from Teofilo's previous loan »
About IMPROIMPRO is a small non-profit organization that has been offering micro credit to the working poor in the Bolivian cities of La Paz and El Alto since 1995. IMPRO’s goal is to fight poverty by offering loans to small business owners who cannot access credit through the regular banking system due to a lack of guarantees or collateral.
To ensure that everyone has access to credit, IMPRO maintains a low interest rate by minimizing operational costs. IMPRO’s partnership with Kiva, which began in 2007, has allowed IMPRO to expand its services while maintaining these low interest rates.
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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This loan has been fully funded!
- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- Sep 5, 2013
- Sep 10, 2013
- Currency Exchange Loss:
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.