When Jorge Iván was ten years old he learned from his father how to make horseshoes. From then on he has devoted himself to this work. He taught his two children this work, and they work with him.
Jorge Iván buys metal in order to make the horseshoes in his workshop, which is on the patio of his house. He sells the finished product to a wholesaler in the Sonson municipality to the west of Antioquia.
Jorge wishes to buy more iron and coal to continue making the horseshoes. That way he will attain greater income and improve his family’s quality of life.
El señor Jorge Iván desde los 10 años de edad aprendió de su padre la elaboración de herraduras y desde entonces se dedica a esta labor acompañado de sus dos hijos a quienes les enseñó esta labor. El señor Jorge Iván compra metal para fabricar las herraduras en el taller que tiene en el patio de su casa y el producto terminado lo vende a un mayorista del municipio de Sonson ubicado en el occidente de Antioquia. El señor Jorge desea comprar hierro y carbón para continuar con la elaboración de las herraduras y de esta manera lograr mayores ingresos y así mejorar la calidad de vida de su familia.
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.