Hector Hernan is 25 years old, and has a wife and a little girl who's 2 years old. He was working as a construction helper, but 6 months ago he started his business of candles and votives, thanks to a friend who taught him the art.
To grow his business and to be able to give his family a better quality of life, Hector needs raw materials in order to have a large supply of candles and votives, and in this way be able to sell them and thus increase his income.
Hector Hernan tiene 25 años y tiene su esposa y una pequeña niña de 2 años, el trabaja como ayudante de construcción, pero desde hace 6 meses inició su negocio de velas y veladoras gracias a que un amigo le enseño este arte.
Para que su negocio crezca y pueda darle a su familia una mejor calidad de vida, Hector necesita materia prima para poder tener una gran producción de velas y veladoras y de esta forma poder venderlas y así incrementar sus 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.