Nicolás is a 49 year old entrepreneur who is a native of El Carmen de Viboral to the east of Antioquia, Colombia. He has a farming background and as a young child he learned the tasks related to agriculture. For several years he has not only farmed, but also cut and maintained pasture lands, a service that he lends out to his neighbors.
This entrepreneur needs a loan to purchase a scythe and fertilizer for his crops, which will enable him to improve his products and services as well as his quality of life.
Nicolás es un emprendedor de 49 años de edad, oriundo de El Carmen de Víboral al oriente de Antioquia, Colombia, por su origen campesino, desde pequeño aprendió los oficios propios del campo, es así como desde hace algunos años se dedica no sólo a la agricultura sino también al corte y mantenimiento de pastos, servicio que le presata a sus vecinos.
Este emprendedor necesita de un préstamo para comprar una guadaña y abonos para sus cultivos lo que le permitirá mejorar sus productos y sus servicios así como su 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.