Juan Bautista, at 60 years old, works in agriculture and raising cattle, a trade he inherited from his father and from which he has earned a living, allowing him to live together with his wife and six children. Located in the small town of La Chapa - Rionegro to the east of Antioquia, he has had difficulty with the strong climate changes, and for this reason, his monthly income is very unstable. Juan Bautista is looking to purchase a dairy cow that will produce extra income in the future, so that he can provide his wife and six children with a better quality of life.
El señor Juan Bautista con 60 años, se dedica a la agricultura y a la ganadería, actividad que heredó de su padre y de la cual se ha ganado el sustento para vivir junto con su esposa y sus seis hijos. Ubicado en el corregimiento de La Chapa – Rionegro, al oriente de Antioquia, ha tenido la dificultad de los fuertes cambios climáticos, por lo que sus ingresos mensuales son muy inestables. El señor Juan Bautista busca comprar una vaca lechera que le produzca ingresos extras en el futuro, de modo que pueda brindarles a su esposa y sus seis hijos una mayor 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.