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Nancy Del Socorro

Update on Nancy Del Socorro

Nancy is a humble and hard-working mother of three children. She has raised them with a lot of effort and sacrifice.

She earns a living preparing cold meats such as chorizo and morcilla (black pudding). She prepares them in her own house and sells them to order.
She has been doing this activity for five years, working Monday to Saturday, combining this work with being a mother.

She is asking for a loan to improve her kitchen as it is where she works and she needs to be able to work comfortably to guarantee speed and efficiency when she is preparing the food.

She has great hopes for the future, such as building an apartment on a plot of land that she has and being able to have an additional source of income for her family.
View original language description ↓
Nancy es una mujer humilde y luchadora, madre de 3 hijos años a los cuales ha sacado adelante con mucho esfuerzo.
Ella se gana la vida preparando embutidos como chorizos y morcilla en su propia casa y vendiendo sus preparaciones por encargo.
Es una actividad que la viene ejerciendo desde hace 5 años trabajando de lunes a sábado y alternando su tiempo con el oficio de ser mamá.
Ella solicita un préstamo para realizar una adecuación a su cocina que es su lugar de trabajo y de esta forma podrá trabajar de una manera más cómoda garantizando más rapidez y eficiencia a la hora de cocinar sus alimentos.
Tiene grandes ilusiones para el futuro como por ejemplo construir un apartamento en un terreno que tiene y poder recibir así un ingreso adicional para su familia.

Previous Loan Details

Nancy is a very hard-working person who has always been known for her great charm and her desire to do well in life. She is married and has three children who she has always wanted to provide with the best she can. As her husband's wage was not enough to cover their household expenses, Nancy… More from Nancy Del Socorro's previous loan »

Additional Information

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

  • $6,070
    Average annual income
  • 138
    View loans »
    Colombia Loans Fundraising
  • $12,792,775
    Funds lent in using Kiva
  • 1,926.7
    Colombia Pesos (COP) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,575 helped Nancy Del Socorro to expand her kitchen where she prepares the food she sells.
24% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 22, 2014
Listed
May 30, 2014
Currency Exchange Loss:
Possible