Jesús Hernán has dedicated the greater part of his life to working in the fields, an activity that has generated the resources for sustaining his family. Full of dreams, he hopes to be one of the best farmers in his area, and to diversify his production by combining the planting for the tomato with other fruits and vegetables.
At present his top priority is requesting a loan for the purchase of polyethylene in order to put a roof on one of his greenhouse structures, as a hurricane destroyed the roof a few days ago.
Jesús Hernán ha dedicado la mayor parte de su vida a labores del campo, actividad que le genera los recursos para el sostenimiento de su familia. Lleno de sueños espera poder ser uno de los mejores agricultores de su localidad, diversificar su producción combinando la siembra de tomate de aliño con otras frutas u hortalizas. En la actualidad su gran prioridad es solicitar un crédito para la compra de polietileno con el fin de entechar una de las estructuras del invernadero, debido a que un huracán le destruyó el techo hace algunos días.
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.