Ruben started his restaurant 2 years ago when he decided to work independently and start his own business. Having worked in several places for many years, he became frustrated because of the very low wages he was paid. Upon making this change, the quality of life of his wife and two children has improved significantly and his household income has increased thanks to his efforts at the restaurant.
His main obstacle is nearby competition since he is located in an area where there are many restaurants. However, his hard work allows him to progress with his business and differentiate it from the rest. Ruben needs a loan to improve his business place in order to offer a better service to his customers, thus improving his sales.
His dream is to improve his family's quality of life and to offer his 2 children access to a better quality education.
Ruben inició con este restaurante desde hace 2 años que decidió trabajar por su propia cuenta y tener su propio negocio, pues trabajó durante muchos años en diferentes empleos y se aburrió de recibir muy poco salario por las actividades que realizaba. Desde entonces, la calidad de vida de su esposa y sus 2 hijos han mejorado considerablemente, pues los ingresos han mejorado gracias a su esfuerzo en el restaurante. La principal dificultad que tiene en el negocio es la competencia que tiene cerca, pues es un sector donde hay bastantes restaurantes; sin embargo, su esfuerzo le permite sacar el negocio adelante y diferenciarse de los demás. Ruben necesita un préstamo para realizar adecuaciones locativas en su restaurante y poder prestar un mejor servicio a los clientes, así espera sus ventas se aumenten.
Su sueño es mejorar la calidad de vida que tienen en su hogar y que sus 2 hijos puedan acceder a una educación escolar de mejor 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.