Luis is married and has a 16-year-old son. In order to make income for his household, he has a workshop where he makes wooden handicrafts. He sells his products on different large estates in his area. He learned his trade empirically by watching some friends and then starting work himself. Now, thanks to his experience, he has managed to attract a large number of customers. This guarantees him income with which he is able to cover his household expenses. Owing to the fact that he now has very good orders, Luis' production capacity is not sufficient and he is unable to fill all his orders. For this reason, he is looking for a loan to increase his production capacity. He will buy a drill, a jigsaw and raw materials for making his handicrafts. This will increase his production capacity and he will be able to provide his customers with a better service. At the same time, his sales will increase considerably, as too will his household income. Luis' biggest dream is to sell his products in other regions and to have a large business so that his family can enjoy a better quality of life and better financial opportunities for making progress.
Luis se encuentra casado y tiene un hijo de 16 años de edad, y para generar los ingresos para su hogar tiene un taller donde fabrica artesanías en madera y las comercializa a diferentes fincas que hay en el sector. La actividad la aprendió empíricamente viendo a unos amigos y posteriormente comenzó a trabajar en esta, y ahora gracias a la experiencia que tiene ha logrado captar una gran cantidad de clientes que le garantizan sus ingresos para el sostenimiento de los gastos de su hogar. Debido a que ahora tiene muy buenos pedidos su capacidad de producción no puede responder a todos los pedidos, por esto busca un préstamo para aumentar su capacidad de producción comprando un taladro, una caladora y materias primas para la elaboración de las artesanías.
De esta manera logrará aumentar la capacidad de producción de su negocio y así brindará un mejor servicio a sus clientes, al mismo tiempo en que aumentará sus ventas considerablemente y así los ingresos para el hogar. Su mayor sueño es comercializar sus productos en otras regiones y tener un gran negocio con el que su familia tenga la oportunidad de tener una mejor calidad de vida y mejores 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.