He is looking to restart this business, so John is requesting a loan in order to buy chickens and pigs to raise. John will also renovate the pens so that he can reactivate the business that his mother left him. His dream is to get the business up and running so that he can provide his younger brother a good quality of life and better work opportunities that will help him get ahead.
Su sueño es poder tener nuevamente este negocio en marcha y brindarle a su hermano menor una buena calidad de vida y mejores oportunidades laborales para salir adelante.
Important InformationThis 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.
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