At the age of 23 Hamilton is a young entrepreneur who works half time at an auto shop and as an additional job raises chickens to generate income and help with household expenses.
Hamilton wants to make some structural improvements to his house for his chickens’ wellbeing and also to buy additional laying hens to sell but he does not have the capital to make these expenditures so is asking for a loan to gradually make progress generating more income so that in the future he will be able to reach his dream of having his own car repair shop and therefore improve his quality of life.
A sus 23 años de edad Hamilton es un joven emprendedor, que trabaja medio tiempo en un taller automotriz y como trabajo alterno se dedica a la cría y engorde de pollos para generar ingresos y ayudar con los gastos del hogar.
Actualmente Hamilton quiere hacer algunas mejoras locativas en su casa para el bienestar de los pollos y adicional a esto comprar algunas aves de postura para la venta, pero no cuenta con el capital para realizar dichas compras, por lo que solicita un crédito con el cual ir progresando poco a poco, generando mas ingresos para en un futuro poder cumplir su sueño de tener su propio taller de mecánica y proporcionalmente mejorando su 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.