Ciro Alberto, is an entrepreneurial man, with a defined life plan. He worked in different jobs to help with the house expenses. He made a plan to save money to start his own business and with discipline and effort he achieved it. “Even though it wasn’t easy, it has been gratifying for me to achieve this dream” Ciro indicates with joy. He started a shop to repair cell phones and sell accessories and parts. This activity has allowed him to improve his economic conditions and help his family. His biggest dream is to have his own store and increase sales; for this he has decided to request a loan to invest in buying parts and accessories, with the goal to improve the products offered during the holiday season.
Ciro Alberto, es un hombre emprendedor, con un proyecto de vida bien definido. Se dedicó a laborar en oficios varios para ayudar con los gastos de su casa. Tuvo la convicción de ahorrar para montar su propio negocio y con su disciplina y esfuerzo lo logró. “Aunque no fue fácil, ha sido muy gratificante para mi alcanzar este sueño” manifiesta Ciro con gran felicidad. Monto un taller dedicado a la reparación de celulares, venta de accesorios y repuestos. Esta actividad le ha permitido mejorar su condición económica y ayudarle a su familia. Su mayor sueño es poder tener local propio y aumentar sus ventas; para ello ha decidido realizar un crédito para invertirlo en la compra de repuestos y accesorios, con el fin de mejorar la oferta en la temporada de 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.