Ernesto is a micro entrepreneur who is noted for the way he carries out his business. Several years ago facing a difficult economic situation and without stable employment, he decided to start his own business. He leases washing machines to his neighbors and customers who need this service. He works from 7am until 4pm approximately because he spends his free time doing what he’s most passionate about: painting.
With the hope of continuing to make progress, Ernesto wants to buy a new washing machine and to service the one he already owns in order to provide better, higher quality and more efficient service. However, he does not have the necessary amount of money to do so and is asking for a loan to buy a new washing machine and to service the one he already has to better position himself in the marketplace. His income will increase and his quality of life will improve.
Ernesto es un microempresario que se caracteriza por su emprendimiento hace varios años al verse en una difícil situación económica, y sin un trabajo estable decidió montar su propio negocio, actualmente alquila lavadoras a sus vecinos y clientes que requieran este servicio, esta labor la desempeña desde las 7:00 a.m. hasta las 4:00 p.m. aproximadamente pues en su tiempo libre se dedica a lo que mas lo apasiona, la pintura.
Con la ilusión de seguir progresando Ernesto quiere comprar una nueva lavadora y hacerle mantenimiento a una que ya tiene, buscando prestar un mejor servicio, de calidad y efectividad, sin embargo no cuenta con la suma de dinero necesaria para esto, por lo que solicita un préstamo, el cual invertirá en la nueva lavadora y el mantenimiento de una de las que ya tiene, así se posicionará en el mercado, sus ingresos se incrementarán y su calidad de vida se verá beneficiada.
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.