Hugo, 32, is the father of two children of 6 and 11, who are his number one priority. He has been a baker for a number of years and his earnings have been sufficient to cover his family's expenses.
A month ago he decided to go it alone and set up his own business. His intention is to improve his quality of life and increase his income so as to be able to provide a good education for his children.
He is now seeking a loan for the purchase of stock and a display case, a coffee maker and a deep fryer, which he needs to ensure his business's productivity.
His greatest dream is to be able to build the reputation of his business so as to attract more customers and, in turn, generate increased income which he will use for his family's well-being.
Hugo de 32 años de edad es padre de dos hijos de 6 y 11 años, los cuales son su prioridad en la vida. Desde hace Varios años es panadero, actividad que le genera el sustento para su familia. Hace un mes tomó la decisión de independizarse y montar su propia empresa con el propósito de mejorar su calidad de vida y generar mayores ingresos para ofrecerles una buena educación a sus hijos. En la actualidad se encuentra en búsqueda de un crédito para la compra de surtido, una vitrina, cafetera, freidora. Herramientas que le hacen falta para la productividad de su negocio. Su mayor sueño es poder acreditar su empresa con el fin de obtener un mayor número de clientes y generar mayores rendimientos, que destinará para el bienestar de su familia.
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.