Manuel is 54 years old and very enterprising. He is a construction foreman but because jobs were scarce he saw the need to look for something else, so he opened a café. This provides him financial benefits so that he can provide an education for his children. He is asking for a loan so that he can supply his business and meet his customers’ demands. He wants to be able to set up a stall so that his income and quality of life increase.
Manuel de 54 años de edad es un gran emprendedor, es oficial de construcción pero debido a la carencia de empleo se vio en la necesidad de dedicarse a otra actividad. Por lo cual abrió una cafetería que le proporcionará una entrada económica para poderle ofrecer a sus hijos una educación. Se encuentra en búsqueda de un crédito que le permita comprar surtido para su negocio, ya que sus clientes se lo demandan. Desea poder adecuar el local con el fin de que sus ingresos mejoren y su calidad de vida cambie.
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.