Bayro de Jesús is 60 years old and learned to be a locksmith thanks to his niece. He has been doing this for 10 years and it’s his only source of income for supporting his family. He decided to venture out on his own and offer key duplication services. He and his wife rise every morning to open to shop where they work from 7:00 am to 9:00 pm. His greatest desire is to improve his financial situation and offer his family a better quality of life. His greatest challenge is to get his children ahead despite the serious health problems he has that don’t allow him to exert himself very much. He is asking for this loan to buy supplies and paper goods so that he can diversify his business and increase his income so that he can provide a better quality of life for his family.
Bayro de Jesús de 60 años de edad, aprendió el oficio de cerrajería gracias a una sobrina, desde hace 10 años inició esta actividad como única fuente de ingresos para el sostenimiento de su familia. Hace 6 meses decidió independizarse y montar un local ofreciendo el servicio de duplicación de llaves. En conjunto con su esposa se levanta diariamente para abrir el negocio en donde laboran de 7 de la mañana a 9 de la noche. Su mayor deseo es mejorar su situación económica y ofrecerle a su familia una mejor calidad de vida. Su mayor desafío ha sido sacar adelante a sus hijos, a pesar de los graves problemas de salud que presenta y que no le permiten esforzarse mucho. En la actualidad se encuentra solicitando un crédito para la compra de insumos y artículos de papelería con el fin de diversificar su oferta e incrementar sus ingresos para mejorar las condiciones de vida 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.