Sometimes difficulties turn into great opportunities. This is the case with Javier, age 44. Having lost his employment, he became determined to not sit around with his hands crossed. He devised a way to earn money to support his wife and children.
He established a stand selling natural soft drinks. He works at his business every day from nine in the morning until six at night. “This work is a blessing,” Javier states. Even though his earnings are not very high, they allow him to bring home the daily bread.
He is now requesting a loan to improve his juice stand and to buy merchandise. He greatest dream is to be able to improve his business in order for his financial situation to change.
En ocasiones las dificultades se traducen en grandes oportunidades, este es el caso de Javier de 44 años, que tras haber perdido su empleo, tomo la determinación de no quedarse de manos cruzados e ingeniarse la forma de ganar dinero para sostener a su esposa y a sus dos hijos. Decidió montar un puesto de refrescos naturales en el que labora todos los días de 9 de la mañana a 6 de la tarde, “este trabajo es una bendición” asegura Javier, pues aunque sus ingresos no son muy elevados le permiten llevar a su casa el pan diario. En estos momentos se encuentra solicitando un crédito para el mejoramiento del puesto de jugos y compra de mercancía. Su mayor sueño es poder mejorar su negocio para que su situación económica 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.