Update on Alba RuthAlba, 44, is a single mother of two children. She worked as a store manager for more than five years but decided to retire and use her savings to start her own business plan. She opened a store that sells sewing supplies like buttons, ribbons, thread and fringe, among others. She’s supported her family this way providing them with schooling and housing. She currently dreams with continuing to grow in the local marketplace which is why she’s asking for a loan to buy two display cases and stock merchandise to increase her level of sales.
En la actualidad sueña con seguir creciendo dentro del mercado local, por lo cual se encuentra solicitando un crédito para la compra de dos vitrinas y surtido con el fin de aumentar su nivel de venats.
Previous Loan DetailsAlba Ruth is 43 years old and the mother of two children with whom she lives in the city of Sonsón in the east of Antioquia. Alba Ruth worked for 25 years at two different shops, one clothing sales and one decoration sales. It was this that gave her the idea to set up her own decorations shop t... More from Alba Ruth'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
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Success!! The loan was 100% repaid
- Repayment Term
- 20 months (Additional Information)
- Repayment Schedule
- Apr 23, 2013
- May 24, 2013
- Currency Exchange Loss:
- Dec 19, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.