Ivan is a fighter who has overcome great challenges in his life through tremedous effort. Fourteen years ago, he separated from his wife and went to another city to live with his four children. His financial situation was adversely affected. He began to farm to generate the income his household needed, but he always lacks working capital to improve his land.
Ivan will begin planting soon and is applying for a loan to buy supplies such as sprinklers, manure, pesticides, and weed killer to protect his plantings from the harsh winter. He longs to improve his business and to have a vegetable stand where he can sell his harvests.
Ivan es una persona muy luchadora que con muchos esfuerzos ha superado las grandes dificultades que se le han presentado en la vida. Desde hace unos 14 años se separó de su esposa y se fue a vivir a otro municipio junto con sus 4 hijos, y de esta manera la situación económica de su hogar se vio fuertemente afectada. Para generar los ingresos que requiere en el hogar se dedica a la actividad de la agricultura, y la gran dificultad que siempre ha presentado es el poco capital con el que cuenta para poder mejorar su trabajo. Buscando sacar sus cultivos adelante, Ivan busca un préstamo para comprar insumos como riegos, abonos, insecticidas y fungicidas para proteger sus cultivos de los fuertes inviernos.
Su sueño es poder mejorar su negocio y también tener una legumbrería donde pueda vender las cosechas de su cultivo.
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.