Pedro used to work as an employee in a billiards hall and with the experience he acquired decided to open his own business using the little savings he had. It’s been gradually improving to this day. He generates income in his business that he needs for his home to support his wife and four children. Although income isn’t very high, it does permit him to live with dignity.
He also sells liquor, snacks and other consumer goods in his business but since he does not have adequate capital, Pedro is looking for a loan to buy an assortment of liquor and snacks to continue to offer a good selection to his customers. His dream is to move the business forward improving his income and eventually have a locale of his own to save on rental costs.
Pedro anteriormente trabaja en un billar como empleado, y con la experiencia que adquirió decidió montar su propio negocio con unos pequeños ahorros que tenía y poco a poco fue mejorándolo hasta el día de hoy. Con su negocio genera los ingresos que necesita en su hogar para el sostenimiento de su esposa y sus 4 hijos, y aunque los ingresos no son muy altos si le permite tener una calidad de vida digna. En su negocio vende licores, snack y otros productos de consumo, y como no cuenta con un capital suficiente, Pedro busca un préstamo para comprar surtido de licores y snack para seguir ofreciendo un buen surtido a sus clientes.
Su sueño es poder sacar este negocio mejorando sus ingresos y tener su local propio para no tener que pagar arriendo.
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.