Juan Carlos' father works in agriculture, producing avocados for market. Three years ago, Juan Carlos started to learn the trade and his father gave him some greenhouse space so he could start his own business. That is why he wants to buy the necessary materials to start his own business and thus build a better future for him and his family.
El padre de Juan Carlos trabaja la agricultura en la producción de palos de aguacate para la comercialización, Juan Carlos desde hace 3 años comenzó aprender esta labor y su padre le cedió un espacio en el invernadero para que el inicie su propio negocio; es por esto que él quiere comprar los insumos necesarios para iniciar su negocio y así podrá construir un mejor futuro para él y su familia.
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.