Elkin used to work as a security guard, but since his income was not sufficient to support the expenses of his household, where he lives together with his wife and children, he looked into opening a shop, taking advantage of the opportunities of the sector. It was with very little capital that he started to sell the sorts of products which make up the average family shopping basket and with a lot of effort he slowly started to increase the variety of products he offered to his customers. Now his business has a larger customer-base and offers a wider variety of products for the family shopping basket, which has helped to slowly improve his household's financial situation.
With the hope of continuing to expand his business and to offer his household better financial opportunities, Elkin is asking for a loan to buy products for the average family shopping basket as supplies for his general store.
In this way he will overcome his capital problem and improve his business. His dream is for his business to provide his family with a better quality of life so that his children can have a university education and in this way to overcome the great challenges life has presented him.
Elkin anteriormente trabajaba como vigilante y debido a que sus ingresos no eran suficientes para poder sostener los gastos de su hogar donde convive con su esposa y sus hijos, buscó la manera de montar una tienda general aprovechando las oportunidades del sector. Fue con muy poco capital que comenzó a ofrecer productos de la canasta familiar y con mucho esfuerzo poco a poco fue aumentando la variedad de productos que ofrecía a sus clientes. Ahora su negocio puede contar con una mayor clientela y puede ofrecer una mayor variedad de productos de la canasta familiar, de modo que la situación económica en su hogar ha venido mejorando poco a poco. Con el ánimo de seguir creciendo en su negocio y ofrecer mejores oportunidades económicas en su hogar, Elkin busca un préstamo para surtir su tienda general comprando productos de la canasta familiar.
De esta manera superará la dificultad de capital que tiene y así logrará tener un mejor negocio. Su mayor sueño es que su negocio le brinde a su familia una mejor calidad de vida, que sus hijos puedan acceder a una educación universitaria, y así superar las grandes adversidades que le ha presentado la 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.