For ten years Arley worked for a footwear manufacturing company, but because the income he generated there was insufficient to cover his home expenses, he decided to quit and assemble his own business in an effort to be able to improve the conditions of the home where he lives with his wife and their three children, ages 6, 13, and 16.
Since he had little capital, in the beginning being able to propel his business forward was very difficult, but little by little it has been improving and doing so with the great efforts made to move the business forward.
Thanks to the end-of-year season, he has large orders that he has been unable to complete due to a lack of capital. Arley is seeking a loan to buy the supplies and materials required to complete the large footwear orders he has gotten from his customers.
His dream is to have a large workshop where he can have a greater income and improve his family's quality of life.
Arley trabajó durante unos 10 años para una empresa de fabricación de calzado, pero debido a que los ingresos que allí generaba no eran suficientes para poder sostener los gastos de su hogar, decidió retirarse y montar su propio negocio en busca de poder mejorar las condiciones de su hogar donde convive con sus esposa y sus 3 hijos de 6, 13 y 16 años de edad. Debido al poco capital con el que contaba, en un principio poder sacar su negocio adelante fue muy difícil, pero poco a poco ha venido mejorando y con gran esfuerzo sacando el negocio adelante. Gracias a que para la temporada de fin de año tiene grandes pedidos que no ha podido satisfacer por falta de capital, Arley busca un préstamo para comprar insumos y materias primas que requiere para fabricar los grandes pedidos de calzado que tiene por parte de sus clientes.
Su sueño es tener un gran taller donde pueda tener mejores ingresos y poder mejorar la calidad de vida de su familia.
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.