Albeiro De Jesus
Update on Albeiro De JesusAlbeiro was born into a humble peasant family, who were worked in farming to be able to sustain the family. From his family he learned how to work in agriculture and this gives him the opportunity to have his own crops of bean, corn and “papa criolla” (a common type of potato in Colombia) today. He harvests the crops and sells them in the market of the town where he lives with his wife and their 5 children. This allows him to earn the money required to cover the family’s basic needs.
He will invest the loan in the purchase of supplies bought in bulk (manure, pesticides, fungicides, fertilizers, etc.). This will allow him to continue his work and to have a much better harvest. Thus he will be able to cope with the challenges he faces, which are the high cost of supplies and the instability of the selling prices of agricultural products.
Albeiro’s plan is to expand his cultivations and to improve their profitability in order to be able to offer his family well-being and a better quality of life.
El préstamo lo invertirá en la compra de insumos al por mayor (abonos, pesticidas, fungicidas, fertilizantes, entre otros); esto le permitirá darle continuidad a su labor y podrá tener una cosecha mucho más productiva, para hacerle frente a los desafíos que se le presentan por los altos costos de los insumos y por la inestabilidad en los precios de venta de los productos agrícolas.
Albeiro tiene como proyecto, ampliar sus cultivos y mejorar su rentabilidad para estar en la capacidad de brindar bienestar y una mejor calidad de vida a su familia.
Previous Loan DetailsAlbeiro, 41, has dedicated most of his life to farming, which generates an income to sustain his family and to pay for the education of his nieces and nephews. He loves his work because he is convinced that it is one of the most important jobs for the development of his country, even though there... More from Albeiro De Jesus's previous loan »
More information about this loan
By funding this loan, you are promoting entrepreneurship in remote regions, including areas recovering from guerilla warfare in Colombia, and helping to reverse the rural exodus which occurred in the past decades when a the rural population fled their countryside homes for the safer cities.
This Kiva loan was created by Kiva's field partner Interactuar specifically for Kiva funding, in an effort to reach more borrowers in rural areas. Most of the Interactuar's lending operations are focused in urban parts of Medellin. But this loan product is designed to provide working capital to riskier agricultural businesses who have been traditionally excluded from the finance sector.
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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This loan has been fully funded!