Germán is a great fighter for life. After having worked for many years as an employee, now he wants to have his own business, generating his own resources and progressing together with his family. Looking to improve his working conditions as well as his income, Germán is going to start up a general store in a space connected to his home, where the idea is to offer his customers staple goods. Since Germán doesn't have the sufficient capital to stock the initial products of the store, he is requesting a loan to purchase staple goods, and thus start up his general store.
In this way, he aspires to overcome his financial difficulties, that are more complicated because he is the head of a household with two children. His dream is that his store will be successful.
Germán es un gran luchador de la vida que luego de haber trabajado durante muchos años como empleado, ahora quiere tener su propio negocio, generarse sus propios recursos y progresar junto a su familia. Buscando mejorar su condición de trabajo y también mejorar sus ingresos, Germán va a montar una tienda general en un espacio adecuado en su residencia, donde la idea es ofrecer a sus clientes productos de la canasta familiar. Como Germán no cuenta con el capital suficiente para surtir los primeros productos de la tienda, busca un préstamo para comprar productos de la canasta familiar y así iniciar con su tienda general.
De esta manera aspira a superar sus dificultades económicas que se complican más por el hecho de ser cabeza de hogar de sus 2 hijos. Su sueño es sacar esta tienda adelante.
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.