Four months ago, Roberto started up a general store business in his town, taking advantage of his 12 years of experience selling food in the towns. It was this food business that allowed him to save up the money to start up the store he has now. Before, he lived in another neighborhood in the city, but he saw the need to move because of problems in that neighborhood. It took a lot of effort for him to move to a new home, and since he didn't have a credit history he had to resort to the informal lenders, paying a monthly interest rate of 20 percent. Roberto is very well-known in the neighborhood as he is quite charismatic. Thanks to his general store, which is the only one in the neighborhood, he is able to have very good sales. He needs a loan for this business so that he can buy consumer staples that he is out of, and he will also buy a glass display case.
In this way, Roberto hopes to start a credit history that will allow him better access in the future to financial entities. Also, he will be able to keep his business well-stocked. His main wish is to have a mini-market, given the potential with the customers that are in his neighborhood. In this way he could generate more income for his family and also generate jobs for those in greatest need.
Roberto desde hace 4 meses inició su tienda general en su municipio, pues aprovechó una experiencia de 12 años dedicado a la venta de comidas en los pueblos, actividad que le permitió ahorrar para iniciar la tienda actual. Anteriormente vivía en otro sector de la ciudad, pero se vio en la obligación de trasladarse por problemas que había en el sector. Con mucho esfuerzo ha levantado su hogar y debido a que no tiene historial crediticio le ha tocado recurrir a pagadiarios, a quienes les prestaba dinero pagando el 20% de interés mensual. Roberto es muy conocido en el sector por tener un gran carisma. Gracias a que su tienda general es la única en el sector le permite tener muy buenas ventas, por esto requiere un préstamo para comprar productos de la canasta familiar que ya se encuentran agotados, además de comprar una vitrina.
De esta manera Roberto espera poder iniciar con un historial crediticio que le permita tener en un futuro un mejor acceso a las entidades financieras, además de poder tener su negocio bien surtido. Su mayor anhelo es tener un minimercado dado el potencial de clientes que hay en el sector, y así generar más ingresos para su familia y también generar empleo para los más necesitados.
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.