Update on Boris JoseBoris is a 51 year old farmer who works as an independent woodcutter. He has more than 10 years experience doing this work. At times he buys wood lots to cut down the trees and then sell the lumber. At other times, when he doesn't have capital available he just gets paid for the labor. In addition, and to supplement his income, he grows coffee. He collects the harvest and sells it in the plaza of the regional market. In this way he has enough resources to pay for his household expenses. His drive, tenacity and his constant fight have allowed him to get ahead, meeting the goals he sets for himself. That is why he is asking for the help of the loan. With it, he wants to buy a wood lot to cut it down and sell the lumber he harvests. This will be reflected in an increase of income which for him means more wellbeing for his family, even knowing the risks he faces doing this work. Boris dreams of being able to plant trees so in the future he can cut his own wood and in that way improve his financial resources so he can offer a better quality of life to his loved ones.
Previous Loan DetailsBoris is a woodcutter and sells timber for a living. He is a very hardworking person, who strives daily to provide his family with a good quality of life. Nevertheless, he has faced many hardships in his life, through which he must persevere to overcome. A few days ago, some thieves broke in... More from Boris Jose'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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