Rafael became a businessman when still a youth. He has worked independently in his café which is the source of support for his family composed of his wife and two children. With his effort and dedication he’s managed to move the business forward and it now enjoys a good local reputation. He assures that his greatest challenge is to be able to expand the locale and the variety of goods on offer because he dreams with becoming a successful businessman. His family is his reason for living and what pushes him to work 12 hours daily. He’s asking for a loan to buy stock merchandise to increase end-of-year sales.
Rafael desde su juventud se convirtió en un hombre de negocios. A laborado como independiente en una cafetería la cual es el sustento para su familia compuesta por su esposa y dos hijos. Con el esfuerzo y dedicación ha logrado sacar adelante su negocio, el cual goza de un buen nombre en el sector. Asegura que su mayor reto es poder ampliar su local y la oferta de productos, debido a que sueña en ser un empresario de éxito. Su familia es su razón de ser y el motor que lo impulsa a laborar 12 horas diarias. Se encuentra solicitando un crédito con el que espera poder comprar surtido para incrementar sus ventas en fin de año.
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.