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Erika Cristina
Erika is an enterprising and dynamic young woman. She was born into a peasant family who found agriculture and cattle raising work to be a good way to earn a living. Thanks to her parents, Erika has been learning this trade since she was a little girl. Now, at 22 years old, Erika makes a living working part-time on a flower farm and she also independently raises cattle. She has dairy cows and raises cattle. She sells her milk to one of her brothers, who has a truck. With this work, Erika earns an income to help her husband with household costs and to support their four children.

Erika is applying for a loan to invest in her business. She will use the money to buy cattle to raise and to buy dairy cows. In addition, she will use some of the loan to pay off another loan. This will allow Erika to increase production and satisfy demand, thus increasing her income from sales.

Erika tells us that her plans for the near future are to continue expanding her business, buying more cattle and taking advantage of the pastures that she has. This will make her business more profitable, and give her a better income and the opportunity to offer her daughter a quality education.
View original language description ↓
Erika es una joven emprendedora y dinámica, nació en el seno de una familia campesina que encontró en las labores agropecuarias una alternativa para ganarse la vida, actividad que aprendió desde que era niña, gracias a las enseñanzas de sus padres. Hoy en día, a sus 22 años de edad, se dedica a trabajar como empleada de medio tiempo en un cultivo de flores y, de manera independiente alterna su empleo con la ganadería, pues posee vacas productoras de leche y ganado de levante, la producción del líquido se la vende a un hermano que posee un carro recolector, generando así ingresos para apoyar a su esposo con la carga económica del hogar y para dar sustento a su hijo de 4 años.
El crédito lo solicita como un apoyo de inversión para su negocio, con el dinero comprará más ganado de levante y vacas productoras de leche, además cancelará el saldo de un crédito que tiene vigente. Esto le permitirá aumentar su producción y satisfacer la demanda actual, generando mayores ingresos por ventas.
Erika manifiesta que su proyecto para un futuro cercano es continuar creciendo su negocio, adquirir más ganado y así aprovechar los pastos que tiene disponibles, lo que generará mayor rentabilidad, mejores ingresos y la posibilidad de ofrecer a su hija una educación de calidad.

Additional Information

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 Information

This 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.

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About Colombia

  • $6,070
    Average annual income
  • 163
    View loans »
    Colombia Loans Fundraising
  • $13,194,000
    Funds lent in using Kiva
  • 1,931.5
    Colombia Pesos (COP) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,850 helped Erika Cristina to buy more cattle to raise and diary cows; she will also pay off another loan.
92% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 10, 2013
Listed
Jan 9, 2014
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2014