Luis has worked in companies for more than 10 years, but he has been running his own business since 18 months ago when he decided to set up a hardware store where he sells construction materials using the small amount of savings that he had.
With this business, Luis has been able to overcome financial difficulties in his household, as he is the head of the household where he lives with his 8-year-old son that his mother abandoned. Through his business, Luis has had to make a lot of effort but it has grown little by little in response to those efforts that he makes and this has progressively enabled him to improve sales and as such, the income. However, the low level of available capital that he has causes him to miss out on large sales and that is why Luis is seeking a loan to buy construction materials and stock his business with a greater variety of goods to offer to his customers.
His dream is to improve his household's income so that his son can have a better quality of life and a better school education.
Luis ha trabajado en negocios desde hace más de 10 años, pero tiene su propio negocio desde hace 18 meses cuando decidió iniciar con unos pequeños ahorros que tenía una ferretería donde vende materiales de construcción. Con este negocio ha podido superar las dificultades económicas en su hogar ya que es el encargado de su hogar donde vive con su hijo de 8 años de edad que su mamá abandonó. Con su negocio ha tenido que hacer grandes esfuerzos pero ha venido creciendo poco a poco respondiendo a estos esfuerzos que hace, y esto le ha permitido ir mejorando poco a poco sus ventas y por ende sus ingresos. Sin embargo, el poco capital disponible que tiene le hace perder grandes ventas, y es por esto que Luis busca un préstamo para comprar materiales de construcción y surtir su negocio con mayor variedad para ofrecer a sus clientes.
Su sueño es mejorar los ingresos del hogar para que su hijo pueda tener una mejor calidad de vida y una mejor educación escolar.
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.