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Luis Miguel
Luis Miguel is a young entrepreneur who is 20 years of age. He acquired a liking for beauty salons since his mother was always in this line of work. Luis learned to work at a very young age and some time ago decided to open his own beauty salon. When he started his business, he decided to focus on providing children’s services since there was no other business like this in the area. Through great effort, he has been able to overcome difficulties resulting from the flow of capital into his business and now he has good sales.

Luis Miguel is seeking a loan so that he can buy a modular barber’s chair that is shaped like a small car and waiting room chairs so that he can offer better service to his customers. In this manner, he hopes to increase his sales and have a more appealing business. As a result, he hopes to continue making steady progress and assist his parents who have always faced financial difficulty.

View original language description ↓
Luis Miguel es un joven emprendedor de 20 años de edad que adquirió el gusto por las salas de belleza de su madre quien siempre se dedicó a esta actividad. Como aprendió desde muy temprano, hace un tiempo decidió abrir un salón de belleza propio y así inició con su propio negocio el cual lo enfocó hacia la atención de niños porque en el sector no había un negocio así. Con mucho esfuerzo ha venido superando las dificultades de capital que tiene en su negocio y ahora que tiene buenas ventas, Luis Miguel busca un préstamo para comprar una silla de motilar en forma de carrito y una sala de espera para ofrecerles a sus clientes una mejor atención.

De esta forma podrá aumentar sus ventas por tener un negocio más atractivo y poco a poco seguirá progresando y sacando adelante sus padres que siempre han padecido dificultades económicas.

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

  • $11,100
    Average annual income
  • 393
    View loans »
    Colombia Loans Fundraising
  • $16,282,675
    Funds lent in using Kiva
  • 1,797.1
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,125 helped Luis Miguel to buy a modular barber's chair and waiting room chairs.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Sep 10, 2012
Oct 11, 2012
Currency Exchange Loss:
Jun 20, 2013