Charly is a young man, age 22, who learned agriculture when he was 17. Thanks to that, he has been able to earn the income he needs to support his parents, who can no longer work. With a lot of diligence and effort, he has managed to advance his business and now enjoys strong sales. Looking to increase his sales, Charly needs a loan to buy materials like fertilizers, hoses, and insecticides to keep growing his fields. His dream is to have a major business and be able to increase his income for his home so that his parents can enjoy a higher quality of life.
Charly es un joven de 22 años de edad que aprendió la actividad de la agricultura desde que tenía 17 años y gracias a esto ha podido ir generando los ingresos necesarios para sostener los gastos de sus 2 padres que ya no pueden trabajar. Con mucha responsabilidad y esfuerzo ha venido sacando este negocio adelante y ahora tiene la oportunidad de tener buenas ventas. Buscando mejorar sus ventas, Charly requiere un préstamo para comprar insumos como abonos, riegos, insecticidas para sacar adelante sus cultivos.
Su sueño es tener un gran negocio y poder mejorar los ingresos para su hogar para que sus padres puedan 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.