Mr. Luis Carlos is a 54-year-old farmer who grows cardamom or "grain of paradise" which is the fruit of a plant with the same name. This plant, of which only the seeds are consumed, is native to India and Sri-Lanka. Thanks to a project of an organization in his municipality, Mr. Luis Carlos started growing Cardamom 5 years ago and currently has 2000 plants. Due to the winter weather, crops have suffered and harvesting has declined. This is the main reason Mr. Luis Carlos needs to do maintenance on his crops so that they can recover and he can continue with his work and generate enough income to cover his family's basic needs.
El señor Luis Carlos a sus 54 años de edad es un agricultor de cardamomo o “grano del paraíso”, es el fruto de una planta con el mismo nombre. Esta planta, de la cual se consumen solamente sus semillas, es originaria de la India y Sri-Lanka. Gracias a un proyecto de una entidad de su municipio, el señor Luis Carlos inicio con esta actividad desde hace 5 años y actualmente cuanta con 2000 plantas. Debido al invierno, los cultivos han sufrido deterioro y la producción a disminuido, por lo cual el señor Luis Carlos necesita realizarle mantenimiento a sus cultivos para que se puedan recuperar y así continuar con su labor y poder generar los ingresos necesarios para cubrir las necesidades básicas 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.