Francisco has sold merchandise for 20 years in the streets of Medellín, a city in the district of Antioquia. In this time he has learned everything he has needed to nurture his business, teach his wife, and leave a legacy for his two children, who have been interested in the business because of the emotion and tenacity with which Francisco has dedicated himself to sales. For 10 years he has been selling in the same location, since experience showed him that his sales had grown there.
Now 65, Francisco dreams of giving his family a better quality of life and of keeping his business as long as life allows. He knows that in the future his children will take over the business with the same effort that he himself showed. Nevertheless, at present Francisco sees the need to stock his business with sufficient merchandise to improve his earnings, but he doesn't have the capital that will help him invest in his business. For this reason he is requesting a loan that will help him not only to expand his business but also to give his family a better quality of life.
Desde hace 20 años Francisco se ha dedicado a vender mercancía en las calles de Medellín, un municipio del departamento de Antioquia, tiempo en el cual ha aprendido todo lo necesario para sacar su negocio adelante, enseñarle a su esposa y dejarle un legado a sus dos hijos quienes se han interesado en su negocio por el afecto y la tenacidad con la que Francisco se ha dedicado a las ventas. Ya cumple 10 años de estar vendiendo en un mismo lugar ya que por su experiencia pudo visualizar que en dicho lugar sus ventas han aumentado.
A sus 65 años de edad Francisco sueña con brindarle a su familia una mejor calidad de vida, y sostener su negocio hasta donde la vida se lo permita pues en un futuro sabe que sus hijos se harán cargo del negocio con el mismo empeño que el mismo. Sin embargo hoy en día Francisco ve la necesidad de surtir su negocio, comprar suficiente mercancía para mejorar las ganancias, pero el no cuenta con este capital que le ayudará a invertir en su negocio por lo cual solicita un préstamo que no solo le ayude a hacer crecer su negocio si no también a brindarle a su familia una mejor calidad de vida.
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.