Luis is married and has four children. To generate household income he has a vegetable shop where he offers his customers all types of vegetables. He has several years’ experience in this activity and the great advantage he has is that there is no nearby competition which makes it possible for him to gradually grow with the business and improve household income. Seeking to overcome the difficulty his business has with capital, Luis is looking for a loan to buy vegetables and increase the variety of products he has in stock. In this way he will be able to buy the vegetables his customers are constantly asking for and at the same time increase his income considerably. His dream is to see the business grow constantly and to see how his four children move forward with a good education.
Luis se encuentra casado y tiene 4 hijos y para generar los ingresos que requiere en su hogar tiene una legumbrería donde ofrece todo tipo de verduras a sus clientes. Ya tiene varios años de experiencia en la actividad y la gran ventaja con la que cuenta es que no hay competencia muy cercana, lo que le permite ir poco a poco creciendo con su negocio y mejorar los ingresos para su hogar. Buscando superar la gran dificultad de capital que tiene en su negocio, Luis busca un préstamo para comprar verduras y aumentar la variedad de productos que ofrece a sus clientes.
De esta manera podrá vender las verduras que sus clientes están constantemente preguntando, y al mismo tiempo sus ingresos mejorarán considerablemente. Su sueño es ver crecer este negocio constantemente y ver como sus 4 hijos salen adelante con una buena educación.
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.