Jose has been selling fruit for four years. This business has generated the income he needs in his household to cover the expenses of his wife and his three children, who are 6, 10, and 13 years old. Before, he was selling fruit in the roadways, but three years ago, the government assigned him a space in the center of the city which has really helped him to increase his sales. Since then, his family has better income and a better quality of life, which has allowed his three children to have access to a higher-quality education. However, problems with capital still persist in his business, and that's why Jose is seeking a loan to buy an assortment of fruits to stock his stand with the fruits that he has been running out of.
Jose's dream is to carry on with his business and to eventually establish himself in a permanent shop. In addition, he aspires to improve his household financial situation so that his family can have a better quality of life.
Jose lleva unos 4 años vendiendo frutas, y con esto ha generado los ingresos que requiere en su hogar para el sostenimiento de los gastos de su esposa y sus 3 hijos de 6, 10 y 13 años de edad. Antes estaba vendiendo en las carreteras las frutas, pero desde hace 3 años el gobierno le cedió un espacio en el centro de la ciudad que le ha servido mucho para poder aumentar sus ventas. Desde esto su familia tiene mejores ingresos y por ende una mejor calidad de vida, lo que le ha permitido a sus 3 hijos tener el acceso a una educación de mejor calidad. Sin embargo aún las dificultades de capital en el negocio persisten, y es por esto que Jose busca un préstamo para comprar surtido de frutas y abastecer su negocio con frutas que se han ido agotando.
Su sueño es sacar adelante este negocio y llegar a ubicarse en un local comercial. Además, aspira a mejorar las condiciones económicas de su hogar y su familia pueda tener una mejor calidad de vida.
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.