Jorge separated from the mother of his four children and they are all dependent on him, this is the reason why he has to work really hard to get his family ahead and provide them with a good quality of life at home. To generate the income needed at home, Jorge grows vegetables and has a convenience store in his house where he offers basic need products. His main challenge is the need for working capital to keep his store going and this why he requests a loan to buy basic necesessity products to stock his store.
Jorge hopes that this way he can improve the financial conditions of his family and that his four children have the opportunity to better education. His dream is to be able to keep working with good health.
Jorge es separado de la madre de sus 4 hijos y todos ellos están a cargo suyo, por esto tiene que trabajar fuertemente para sacar su familia adelante y brindarle una buena calidad de vida en el hogar. Para generar los ingresos que necesita en su hogar, Jorge tiene un cultivo de verduras y adicional a esto tiene en su casa una tienda general donde ofrece productos de la canasta familiar. Su principal dificultad es la falta de capital para sacar su tienda adelante y es por esto que para superarla busca un préstamo para comprar productos de la canasta familiar y surtir su negocio.
Jorge espera que de esta manera pueda mejorar la condición económica de su familia y también tenga la oportunidad de que sus 4 hijos tengan una mejor educación. Su sueño es poder trabajar hasta que la salud se lo permita.
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.