Emigdio, age 42, lives in Sonson Antioquia with his wife and their four children.
He makes wooden boxes to store fruit and vegetables. He learned this work after being left without a job. He was looking for a way to support his family. A cousin taught him how to make these boxes. He then started to work and to sell the boxes in the plaza of the town market and in surrounding areas.
His youngest son helps him in the afternoons. However, he needs to buy raw material to be able to increase his income and improve his wife’s and his children’s quality of life.
Emigdio tiene 42 años, vive en Sonson Antioquia con su esposa y sus 4 hijos, el se dedica a la elaboración de cajas de madera – tablilla para almacenar frutas y verduras.
Esta labor la aprendió luego de quedar sin empleo y en la búsqueda del sustento para su familia un primo le enseñó hacer estas cajas y él entonces comienza a trabajar y a vendar las cajas en la plaza de mercado del pueblo y sus alrededores.
Su hijo menor es quien le ayuda en las tardes, sin embargo en necesita compra materia prima para poder incrementar sus ingresos y así mejorar la calidad de vida de su esposa y sus hijos.
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.