Eduin Alberto is a young agricultural worker of 32 who, together with his wife, works in the farming business. He grows fruit trees and also raises fish and chickens. He has turned this into a source of support for his family.
In the future, this entrepreneur hopes to own his own plot of land on which to carry out his work as he currently works on land which he rents. Right now, while he works tirelessly to achieve his goal, he needs a loan to buy supplies for his crops and feed concentrate for his chickens and fish. This will enable him to improve the quality of his production and thereby make more income.
Eduin Alberto es un joven campesino de 32 años de edad que acompañado por su esposa se ha dedicado a la producción agropecuaria, cultivo de árboles frutales, así como la cría de peces y pollos, lo que se ha convertido en la fuente de sustento para su familia.
En el futuro, este emprendedor espera tener su propio terreno para realizar dichas labores, pues en el que actualmente trabaja es arrendado, por ahora y mientras trabaja incansablemente para lograrlo, necesita de un préstamo para comprar insumos para sus cultivos, concentrado para pollos y concentrado para peces lo que le permitirá mejorar la calidad de su producción y así generar mayores ingresos.
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.