Olmer has had a general products store for 15 years, and thanks to his efforts, 3 years ago he was able to move into a bigger house where he has a very spacious establishment. In order to make the most out of this space, he decided to include bakery products. He has now a wider variety of products to offer to his customers.
Olmer has seen his sales increase considerably, thanks to which his wife and his seven children (14, 12, 10, 8, 7, 6 and 5 years old) can have a better quality of life and better economic opportunities to progress. Olmer is now requesting a loan in order to buy a counter in which he can display his breads in a better way and offer a better quality to his customers.
His dream is to get on with his business in order to be able to progress together with his family. He also aspires to finish paying his house and to offer his 7 children a good quality academic education.
Olmer tiene una tienda general desde hace 15 años, y gracias a su esfuerzo hace unos 3 años logró pasarse a vivir a una casa más grande donde tiene un local muy amplio, y aprovechando el espacio decidió incluir productos de panadería. Ahora que tiene mayor diversidad de productos para ofrecer a sus clientes, Olmer ha podido ver como sus ventas aumentan considerablemente, por lo que su esposa y sus 7 hijos de 14, 12, 10, 8, 7, 6 y 5 años de edad pueden tener una mejor calidad de vida y mejores oportunidades económicas para salir adelante. Actualmente Olmer busca un préstamo para comprar una vitrina donde pueda exhibir los panes de mejor manera y pueda ofrecer mayor calidad a sus clientes.
Su sueño es sacar este negocio adelante y que le permita continuar progresando junto a su familia. Además aspira a terminar de pagar su casa y a ofrecerle a sus 7 hijos una educación escolar de buena calidad.
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.