Elías Arturo has farming roots and from his father he inherited a love of the land and a love for farming. For several years this has allowed him to have his own business. He grows produce such as cilantro and blackberries as well as other products from the farm that he rents for this purpose in Santa Fe de Antioquia, Columbia. Since he is a great visionary, Elias hopes that in the future he will have his own farm so that he can improve his quality of life and that of his wife and son. For now he needs a loan to purchase supplies, manure and seeds. During the winter season, that started a few days ago, his production has been affected and he needs to increase his income.
Elías Arturo es de origen campesino y de su padre heredó el amor por el campo y por los oficios agrícolas, los cuales le han permitido desde hace algunos años dedicarse a su propio negocio, la producción agrícola de hortalizas como cilantro, mora, entre otros productos propios de la finca que arrendó para tal fin, ubicada en Santa Fe de Antioquia, municipio de Colombia.
Como gran visionario, Elías espera en el futuro tener su propia finca para mejorar su calidad de vida, la de su esposa y su hijo. Por ahora necesita de un préstamo para comprar insumos, abonos y semillas pues durante la época de invierno que atravesó hace algunos días el país su producción se vio afectada, por lo que necesita 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.