Juan Diego is a young man of 22 years of age, who has won the admiration and respect of his family. His drive and desire to get ahead have enabled him to achieve great dreams in life. At his young age, he has succeeded in setting up his own fast-food business, where he works at the weekends. During the week he bakes doughnuts, cheese breads and cheesy maize breads which he distributes to the cafés in the municipality of Marinilla, Colombia. His dearest wish is to be able to start up a bakery where he can create jobs. Juan Diego’s biggest motivation is his one year old son. He dreams of being able to give him a good education and an excellent quality of life. At the moment, Juan Diego is looking for a loan to buy a digital oven, with which he hopes to increase and improve his daily production.
Juan Diego es un joven de 22 años de edad, el cual se ha ganado la admiración y el respeto de su familia, su pujanza y ganas de salir a delante le han permitido alcanzar grandes sueños en la vida. A su corta edad ya logró montar su negocio de comidas rápidas el cual labora los fines de semana. En semana se dedica a la elaboración de buñuelos, pandequesos y pandebonos los cuales distribuye en las cafeterías del municipio de Marinilla, Colombia. Su anhelo en poder montar una panadería en la que pueda crear puestos de empleo. Su mayor motivación es su hijo de un año de edad, con el que sueña poderle ofrecer una buena educación y una excelente calidad de vida. En la actualidad se encuentra en búsqueda de un crédito para la compra de un horno digital con el que espera incrementar y mejorar su producción diaria.
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.