Update on John JairoJohn is creative and intelligent. As well as being very active, he feels very close to the planet and to the environment.
John is a craftsman; he collects various recyclable materials in order to create his own art.
John is applying for a loan in order to buy tools for cutting tyres, on of the main items he uses in his work.
This loan will give John the opportunity to dream of a future where he can produce large art projects that will be valued by everybody, through their love for the environment and culture.
El es artesano por vocación y recoge diferentes materiales reciclables para crear obras de arte que salen de su propia inspiración y creatividad.
El solicita un préstamo para comprar herramientas de corte de llantas ya que este es uno de los principales elementos que utiliza en sus obras.
El préstamo le dará la oportunidad de soñar con un futuro donde pueda realizar obras a gran escala y que las personas las valoren por su sentido cultural y ambientalista.
Previous Loan DetailsJohn, 41, is married and has three children, for whom he works hard to support. Since childhood, he has has an affinity for making handicrafts. He collected things that others had thrown away and made them into useful, decorative objects to sell to family and acquaintances. With time, he became… More from John Jairo'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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