At his 44 years of age, Hernando is a fighter who has never allowed himself to be overcome by his difficulties; he has worked tirelessly to move his family forward. Nowadays, he divides his time between two tasks: during the week he works in itinerant sales in the industrial area of Sabaneta municipality in the department of Antioquia, where he sells coffee, cigarettes and general snacks and on Tuesdays, Saturdays and Sundays, he sells in the main park of this municipality, taking his sugar cane mill to sell guarapo (a drink made of sugar cane juice).
With the goal of continuing to progress, Hernando wants to buy supplies such as sugar cane, snacks and sufficient containers for the preparation of guarapo, however he lacks sufficient capital for said purchases. Consequently, he is requesting a loan that would allow him to stock his business, improve his sales and, accordingly, improve his quality of life.
A sus 44 años de edad Hernando es un hombre luchador que nunca se ha dejado vencer por las dificultades, ha trabajado incansablemente para sacar a su familia adelante, hoy en día divide su tiempo en 2 labores, en semana trabaja en la zona industrial de Sabaneta municipio de Antioquia, en unas ventas ambulantes donde vende tintos, cigarrillos y mecato en general y los martes, sábados y domingos vende en el parque principal de este municipio saca su trapiche para vender guarapo.
Con la idea de seguir progresando, Hernando quiere comprar insumos como caña, mecato y los recipientes adecuados para la preparación del guarapo, pero no cuenta con el capital para dichas compras, por lo que solicita un préstamo que le permita surtir su negocio, mejorar las ventas y proporcionalmente mejorar 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.