Fernando, 62, is the father of 8 children. He is a pig merchant. Fernando has more than 40 years’ experience raising pigs, an activity that allowed him to raise all his children and which he inherited from his father. Fernando works every day of the week. He wants to buy a sow to breed because several of his pigs have died and this way he can increase income; he also needs to buy pig feed for his pigs. Fernando dreams with seeing his business grow and to have a good estate to leave his children good economic stability and quality of life.
El señor Fernando a sus 62 años de edad es padre de 8 hijos, se dedica a la compra y venta de cerdos. El señor Fernando tiene más de 40 años de experiencia en la cría de cerdos, actividad con la que sacó adelantes a todos sus hijos y la cual hereda de su padre. La jornada de trabajo del señor Fernando es de todos los días de la semana. El señor Fernando desea comprar una cerda que pueda criar, puesto que varios cerdos se han muerto y de esta manera poder aumentar sus ingresos; asimismo necesita comprar cuido para alimentar a sus cerdos. El señor Fernando sueña con ver crecer su negocio y tener un buen patrimonio para dejarle a sus hijos una buena estabilidad económica y 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.