Jorge William has had a stationery shop for 7 years where he makes sales, and also he sells cell phone recharges and takes photocopies.
This business has provided the means to support his wife and 3 children.
In the effort of expanding his sales which recently have been subsiding due to the competition in the area, Jorge William needs to buy school supplies which which he can have better customers, can move his business ahead and give his 3 children a good education, housing and food.
El señor Jorge William tiene una papelería desde hace siete años en la cual vende además recargas a celular y saca fotocopias, este negocio le ha facilitado los medios para sacar adelante a su esposa y tres hijos. Con el ánimo de conseguir un aumento en sus ventas que últimamente han decrecido debido a la competencia en el sector, el señor Jorge William necesita de la compra de surtido en útiles escolares con los cuales pueda tener una mayor clientela, pueda sacar su negocio adelante y brindar a sus tres hijos una buena educación, vivienda y alimentación.
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.