Yamil, 28, is an entrepreneur who wants to start his own business. Yamil wants to open his own vegetable shop in his home’s garage located in the town of Marinilla in east Antioquia. Yamil needs to buy merchandise like fruit and vegetables, furnishings and furniture. Yamil will be able to improve the quality of life of himself and of his wife who supports him in all his efforts. In the future, Yamil hopes his fruit and vegetable shop will be well positioned and has many customers.
El señor Yamil a sus 28 años de edad es un emprendedor quien desea iniciar su propio negocio. El señor Yamil desea montar su propia legumbreria en el garaje de su casa ubicada en el municipio de Marinilla localizado al oriente de Antioquia. El señor Yamil necesita comprar mercancía como frutas y verduras, muebles y enseres, con lo anterior el señor Yamil podrá mejorar la calidad de vida de él y su esposa quien lo apoya en todos sus propósitos. A futuro el señor Yamil sueña con tener bien posicionada su legumbreria y tener muchos clientes.
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.