Update on Jairo AntonioJairo is a mature man who is experienced in living a life full of obstacles. Like many Colombians, it falls to him to forge his path with effort and patience. It is very clear to him that sometimes life does not smile on everyone. However, it is clearer to him that this is no reason to lose heart and be taken over by the bad situation.
His best-known phrase is that intelligent men come out of the worst moments. Perhaps this sentence does not make sense, or only he understands it. He explains it very simply. The only thing it means to say is that the most intelligent solutions come from the worst situations. That is how he got into the world of micro-finance. He did it in order to start his place of renting entertainment. It is a place where children are able to distract themselves by playing video games. With the business he has managed to grow and to cover all of his expenses.
He now needs monetary help in order to maintain and adapt the place. With his first loan he managed to set up the business. What he is seeking is to make it attractive and so that it has equipment that functions optimally.
This single man’s big dream is to find a life partner with whom he is able to tend to the business and to grow financially in a family environment where the main values are love and respect.
Previous Loan DetailsJairo is a person that even against many adversities has found a way to move forward, thanks to his hardworking nature. Before, Jairo had an internet cafe and video game shop, but as a result of a few difficulties outside of his control he had to close the business. After, Jairo began setting up ... More from Jairo Antonio'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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