Solomon is a young entrepreneur who saw business needs and decided to start an internet cafe to be self-employed and not have to depend on employment. Since he started his own business his family income has improved considerably and this has allowed him and his parents to have a better quality of life and better financial opportunities to get ahead.
In his business he always has capital difficulties. This is why he needs a loan to buy two more computers so he can increase capacity and be able to serve his customers.
His dream is for this business to be well positioned and thus have better earnings so his parents can have a better quality of life and financial opportunities in order to progress.
Salomon es un joven emprendedor que al ver las necesidades del sector decidió montar un cibercafé y así también poder emplearse el mismo y no tener que depender de un empleo. Desde que montó su propio negocio los ingresos que ha generado para su familia han mejorado considerablemente, y esto ha permitido que él y sus padres puedan tener una mejor calidad de vida y mayores oportunidades económicas para progresar. En su negocio siempre ha tenido la dificultad de capital, por esto ahora requiere de un préstamo para comprar 2 computadores más y así aumentar la capacidad que tiene para atender a sus clientes.
Su sueño es posicionar este negocio y así tener mejores ingresos para que sus padres puedan tener una mejor calidad de vida y mayores oportunidades económicas para progresar.
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.