Living with his parents and having to see to their wellbeing motivated Luis Eduardoto give life to a business of his own. Motivated by the desire to get ahead, this entrepreneur decided to start offering his community sawing services, work that involves cutting wood and maintaining the fields and gardens in Sonsón, a town in Antioquia, in perfect conditions. However, his dreams go beyond this because in the future he’d like to own several chain saws that will help him improve service and make his business grow attaining better sales and proportionately improving his quality of life.
For now, starting to take the initial steps to make his dream come true, Luis Eduardo has saved up for several months to buy a chain saw. However, it’s still not enough and this is why he’s asking for a loan to make up the difference in the total amount of money he needs so that he can be building his future step by step.
Vivir con sus padres y tener que velar por su bienestar motivó a Luis Eduardo a darle vida a su propio negocio. Motivado por las ganas de salir adelante, este emprendedor decidió empezar a ofrecerle a su comunidad de aserrador, labor que se encarga de cortar madera, y mantener los campos y jardines de Sonsón, municipio de Antioquia en perfecto estado. Pero sus aspiraciones van allá pues en el futuro espera tener varias motosierras que le ayuden a mejorar el servicio y hacer crecer su negocio, logrando así mejorar sus ventas y proporcionalmente su calidad de vida.
Por ahora y empezando a dar los primeros pasos para cumplir sus sueño, Luis Eduardo ha ahorrado por varios meses para comprar su motosierra, sin embargo aún no es suficiente, motivo por el cual solicita un préstamo con el cual completar la totalidad del dinero y así ir construyendo paso a paso su futuro.
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.