Señor Joaquín, who is 45 years old, is the father of two children, who are 18 and 14 years old. His work is transporting animals such as pigs, cows, and calves in his own truck. He has been doing this work for 6 years for various regular customers who are located in the part of the city of Medellin called Feria de Ganado. In this area, buyers and sellers of livestock meet, and Sr. Joaquin transports their animals. Sr. Joaquin needs to do some maintenance on his truck, due to the animal urine that has deteriorated the floor in the back part of the vehicle. Sr. Joaquin dreams of having another truck and in this way generating jobs and offering his family a better quality of life.
El señor Joaquín a sus 45 años de edad es padre de dos hijos de 18 y 15 años de edad, se dedica al transporte de animales como cerdos, vacas y terneros en su propio camión. Esta labor, el señor Joaquín la realiza desde hace 6 años a diferentes clientes fijos que se localizan en un lugar de la ciudad de Medellín llamado Feria de Ganado, en este sitio, se reúnen vendedores y compradores de ganado, a los cuales el señor Joaquín les transporta los animales. El señor Joaquín necesita realizarle a su camión mantenimiento, esto debido a la orina del ganado ha deteriorado el piso de la parte de atrás del vehículo del señor Joaquín. El señor Joaquín sueña con tener otro camión y en este poder generar empleos directos y brindarle a su familia una mejor 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.