José Antonio's business selling fruits and vegetables is a family business, since his wife and brother-in-law work there. They also share their home with his brother-in-law to be able to cover all the family expenses between them.
At 34 years of age, this entrepreneur hopes to expand his business in the future to offer other food products, such as meats.
Currently he needs a loan to make some changes in his place, such as painting and improving the shelving where they put the products, and to buy some fruits and vegetables.
El negocio de venta de frutas y verduras de José Antonio es familiar, puesto que en él trabaja su esposa y su cuñado con quien también comparten su casa para poder entre todos cubrir los gastos familiares. A sus 34 años de edad, este emprendedor espera en el futuro ampliar su negocio y ofrecer otros productos de la canasta familiar, así como carnes.
Actualmente necesita de un préstamo para realizar algunas adecuaciones locativas como pintar y mejorar las estanterías donde ubican los productos y comprar algunas frutas y verduras.
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.