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Marco Fidel

Update on Marco Fidel

Marco is a 50 year old businessperson and father of 6 children. For a number of years he has been buying and selling fruit and vegetables that he sells in the market in his neighborhood. This knowledge was achieved little by little with the experience he had as a worker in the market. Then he decided to become an independent person and opened his own business. He has had problems, mainly financial but also of location. As we can see in the photo he is selling on a sidewalk. This has slowed down several of his projects, which he plans will lead him to greater things.

He has requested a loan to buy fruits and vegetables like bananas, plantains, potatoes, green onion. mangoes, avocados, etc. which he will sell at two different places. His dream is to expand his sales of his product to reach all the corners of the city.
View original language description ↓
Marco es un comerciante de 50 años de edad padre de 6 hijos que hace ya varios años se dedica a la compra-venta de frutas y verduras que distribuye en la plaza de mercado y en su sector residencial, esta actividad la fue adquiriendo poco a poco con la experiencia que iba ganando como trabajador en la plaza de mercado, hasta que decidió ser una persona independiente y montar su propio negocio, ha tenido dificultades básicamente económicas, y de ubicación como lo podemos observar en la foto donde distribuye su producto en un sendero lo que le ha retrasado diferentes proyectos productivos, que según lo impulsaran hacia la grandeza por esta razón solicita un crédito para la compra de frutas y verduras como bananos, plátanos, papa, cebolla de rama, mangos, aguacates entre otros y empezar con uno de sus proyectos el cual agilizara la comercialización de sus productos en sus dos puntos de venta, su sueño es ampliar su comercialización de productos y llegar a todos los rincones de la ciudad.

Previous Loan Details

Marco, at the age of 49, is married and the father of six children. He was born and grew up in the countryside, where he learned all types of agricultural work. Thanks to that, he now has crops of beans and capira potatoes. In addition, he alternates his work in the fields with selling fruits and... More from Marco Fidel's previous loan »

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.

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.

Tags

About Colombia

  • $11,100
    Average annual income
  • 488
    View loans »
    Colombia Loans Fundraising
  • $15,254,800
    Funds lent in using Kiva
  • 1,938.0
    Colombia Pesos (COP) = $1 USD
Expired
A loan of $2,600 helped Marco Fidel to buy vegetables and fruits and more strategically expand his business with his second Kiva loan.
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 27, 2014
Listed
May 4, 2014
Currency Exchange Loss:
Possible
Expired:
Jun 3, 2014