Ernestina is a farmer. She learned this trade from her husband, with whom she has worked for a long time, so that she could contribute financially to their household and in this way have more opportunity to make economic progress. She mainly grows vegetables, which she offers for sale in the market plaza in her town where she is well known because of the good quality of her products. Because she lacks capital, Ernestina is seeking a loan that will allow her to buy fertilizers, irrigation equipment, insecticides and fungicides so that she can sustain her crops through the severe winter weather that they are getting, and make progress with her crops.
In this way, her family will enjoy a better income, with which they can have a better quality of life and greater opportunities for economic progress.
Ernestina se dedica a la actividad de la agricultura, la cual aprendió por medio de su esposo y con la cual ha trabajado durante mucho tiempo para contribuir económicamente en su hogar y así poder tener mejores oportunidades económicas para progresar. En su cultivo tiene principalmente verduras, las cuales las ofrece en la plaza de mercados de su municipio donde es ya reconocida gracias a la buena calidad de sus productos. Debido a la falta de capital, Ernestina busca que un préstamo le permita comprar abonos, riegos, insecticidas y fungicidas para poder sostener su cultivo del fuerte invierno que esta haciendo, y así poder sacar su cultivo adelante.
De esta manera su familia podrá gozar de unos buenos ingresos, con lo que podrá tener una buena calidad de vida y oportunidades económicas para progresar.
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.