Fabio de Jesús is 46 years old and is a great entrepreneur. Ever since he was a child, he has dreamed of setting up a business and working hard to provide his family with a better quality of life.
Twenty years ago, a business idea came to him when he realized that there were no shops selling products and spare parts for the car industry in his neighborhood. Fabio de Jesús is dedicated to his business, which is how he has managed to gain a foothold in the market. Today, he is requesting a loan to buy products from two lines that he wants to introduce with the aim of broadening his product portfolio.
His biggest dream is to provide his two children, aged 14 and 18, with a good education, and make sure that they never have to go without.
Fabio de Jesús de 46 años de edad es un gran emprendedor. Desde niño siempre soñó con montar su negocio y trabajar duro para ofrecerle a su familia una mejor calidad de vida. Hace 20 años surgió su idea de negocio cuando detectó que en su municipio no existía un almacén destinado a la venta de productos y repuestos del sector automotriz. Don Fabio es un hombre dedicado a su negocio por lo cual ha logrado posicionarse en el mercado. En la actualidad se encuentra solicitando un crédito para la compra de productos de dos líneas que quiere introducir con el fin de ampliar su portafolio de productos. Su mayor sueño es brindarles a sus dos hijos de 14 y 18 años de edad una buena educación y que no pasen necesidades.
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.