Update on PatriciaPatricia is an enterprising and vigorous woman who knows what hard work is. She makes her living selling coffee, tinto (strong Colombian style coffee), herbal teas and all kinds of drinks in the area she lives. Her greatest dream is to see her 3 children graduate and become professionals. For this she works very long hours.
She needs a loan of $2,100 to buy stock, a coffee thermos and a lamp to light her cart. She is a clear example of a woman who is not the weaker sex and someone that with the love of a mother can overcome any obstacle that life presents.
Su mayor anhelo es poder ver a sus 3 hijos graduados y convertidos en unos profesionales, por eso labora en horarios muy extendidos.
Ella necesita un crédito de $2.100.000 para comprar surtido, un termo para café y una lámpara para iluminar su chaza.
Ella es el claro ejemplo de que las mujeres no son el sexo débil y que el amor de una madre supera cualquier adversidad que se presente en la vida.
Previous Loan Details47-year-old Patricia is a single mother. She has three children who are her driving force in life. They provide the strength she needs to make progress so that she can offer them better opportunities. Patricia has lived in the town of Itagüí, Colombia for more than 15 years. Her business is… More from Patricia'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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