Update on MarioMario, 48 years old, has built his business with effort and dedication. He started selling fried food from a fast food cart on a corner in the area. With his discipline and savings he was able to improve his business and move it to a building.
Today he has been dedicated to his microbusiness for three years. During this time he has made big changes that have allowed him to grow. From the time he was a child he was always passionate about cooking, so he decided to take advantage of his talent and make fast food.
His business is open every day from eight in the morning until ten at night. He has an employee who works for him part-time.
His biggest dream is to be able to improve his business' facilities. This is why he is asking for a loan that he will use to buy a bar that will serve as a table, with the goal of increasing his capacity to seat people. He hopes to be able to continue to establish his microbusiness and to guarantee employment not just to one person but to many more.
Hoy ya lleva tres años dedicado a su microempresa en la cual ha hecho grandes cambios que le han permitido crecer. Desde niño siempre le ha apasionado la cocina por lo cual decidió aprovechar su talento y dedicarse a la elaboración de comidas rápidas.
Todos los días abre su negocio de ocho de la mañana a diez de la noche, cuenta con los servicios de un empleado que le colabora medio tiempo.
Su mayor sueño es poder mejorar las instalaciones de su negocio, por lo cual se encuentra solicitando un crédito que invertirá en la compra de una barra que servirá de mesa con el fin de aumentar su capacidad de recepción de personas. Espera poder seguir acreditando su microempresa y garantizarle empleo no sólo a una persona si no a muchas más.
Previous Loan DetailsMario is very entrepreneurial and also always has been characterized for being a fighter in life. Many years ago he used to generate earnings as a truck driver but this was not enough to sustain his family. Because of this, one day he decided to start up a business that he wanted. It was in this ... More from Mario'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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Success!! The loan was 100% repaid