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Carlos Octavio
Carlos works in his family's upholstery workshop. Thanks to his father teaching him the craft at a young age, he now has a lot of experience which allows him to offer his clients high quality products. Since the business has been around for a long time, it has attained a good standing in the community and because of that, the economic hardships in his family have been getting better little by little. However, in the past few months due to a difficult situation with one of his sons, Carlos has come to see his financial condition be strongly affected, causing serious setbacks in his household.

Thanks to his hard work, he has been able to overcome the difficulty, but due to the fact that he was not able to work in the shop for a few days, his clients' orders have backed up, and he does not have the capital to fulfill the orders. For this reason, Carlos is looking for a loan to purchase the raw materials needed for the upholstery of his backordered items.

Carlos hopes to continue prospering and overcoming the adversity that his family has faced. Furthermore, he strives for his business to offer him a better quality of life at home and better economic opportunities for growth.
View original language description ↓
Carlos trabaja en el taller de tapicería que viene de tradición familiar, y gracias a que su padre le enseñó la actividad desde muy joven para trabajar a su lado, ahora cuenta con una gran experiencia que le permite ofrecer a sus clientes productos de muy buena calidad. Desde hace mucho tiempo que está el negocio ubicado y esto ha permitido que se posicione en el municipio, y por tanto las dificultades económicas en su hogar se habían venido superando poco a poco. Sin embargo, debido a que en los últimos meses Carlos se vio enfrentado a una dura situación familiar con uno de sus hijos, ha visto como su condición económica se ha afectado fuertemente y ha hecho que en su hogar tengan que enfrentar serias adversidades. Gracias a su esfuerzo, ha logrado superar la dificultad, pero debido a que dejó de trabajar en el taller durante unos días ha visto como los pedidos de sus clientes se retrazan y ahora no cuenta con el capital suficiente para poder responder por ellos. Es por esto que Carlos busca un préstamo para comprar materias primas que requiere para la tapicería de los pedidos retrazados que tiene por parte de sus clientes.

Carlos espera poder seguir saliendo adelante y superar la adversidad que se le ha presentado en su familia. Además, aspira a que su negocio le permita ofrecer una mejor calidad de vida en su hogar y mayores oportunidades económicas para progresar.

Additional Information

Important Information

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.

About Colombia

  • $6,070
    Average annual income
  • 246
    View loans »
    Colombia Loans Fundraising
  • $13,479,900
    Funds lent in using Kiva
  • 1,805.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $850 helped Carlos Octavio to purchase raw materials needed for the upholstery of his clients' backordered items.
100% repaid
Repayment Term
17 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 8, 2012
Listed
Sep 16, 2012
Currency Exchange Loss:
Covered
Ended:
Dec 19, 2013