At the age of 45 and with the dream of offering his two children a better quality of life a few months ago Jhon Jairo decided to become independent and create his own food business. From 6am and until 6pm Jhon Jairo opens his stand up to offer breakfast, snacks, lunches and other food. His business is located in Medellín’s San Javier neighborhood.
He currently needs a loan to do some improvements on his stand and to buy a coffee maker and a heating display case.
A sus 45 años de edad y con la ilusión de ofrecerle una mejor calidad de vida a su dos hijos, desde hace algunos meses, Jhon Jairo decidió independizarse y crear su propio negocio de comidas. Desde las 6:00 de la mañana hasta las 6:00 de la tarde Jhon Jairo abre las puestas de su punto de venta para ofrecer desayunos, snaks, almuerzos y otros comestibles.
Su negocio está ubicado en San Javier, barrio de Medellín. Actualmente necesita de un préstamo para realizar algunas mejoras en su punto de venta, comprar una cafetera y una vitrina calentadora.
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.