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Álvaro Hernán
Álvaro is 56 years old. He is married and has two children, one of whom is a minor. He worked for twenty years at a “Caja de Compensación Familiar” (family compensation fund agency). The company entered a recession and it became necessary to cut staff and Álvaro was one of the affected employees. Aware that life goes on and with a family to support, he realized it was necessary to find a source of income that would allow him to put food on the table.

He looked for work for a long period of time but wasn’t successful because of his age. So, with the intention of being located in a strategic place for the sale of “fritos” (fried dishes), he determined to start his own business in front of an EPS. Álvaro says that thanks to this job, he has been able to provide his two children with an education and that he plans to work hard in order to offer his family a better future. He dreams of having a location where he can adapt and expand his product portfolio. For this reason, he is requesting a loan to purchase a set of chairs to improve the quality of customer service and supplies to increase his sales capacity.
View original language description ↓
Álvaro de 56 años, es casado y tiene 2 hijos de los cuales uno es menor de edad. Laboró por más de 20 años en una caja de compensación familiar. La empresa entró en recesión por la cual se vio en la necesidad de hacer recorte de personal y don Álvaro fue uno de los afectados. Conciente de que la vida continúa y con una familia que sostener se vio en la necesidad de buscar una fuente de ingresos que le permitiera llevar la comida a casa.

Buscó trabajo por un largo periodo pero no tuvo éxito debido a su edad, por lo cual tomó la determinación de montar su propio negocio al frente de una EPS, con el fin de ubicarse en un sitio estratégico para la venta de fritos. Álvaro cuenta que gracias a este empleo ha podido ofrecerles a sus dos hijos educación y que espera poder trabajando fuerte para ofrecerle a su familia un mejor futuro. Sueña con poder tener un local en donde poder adecuarse y ampliar su portafolio de productos. Por esta razón se en encuentra solicitando un crédito para la compra de silletería para mejorar sus calidad en el servicio e insumos para incrementar su capacidad de venta.

Additional Information

Important Information

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.

About Colombia

  • $6,070
    Average annual income
  • 164
    View loans »
    Colombia Loans Fundraising
  • $13,196,500
    Funds lent in using Kiva
  • 1,767.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,700 helped Álvaro Hernán to buy a set of chairs.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Dec 20, 2012
Jan 2, 2013
Currency Exchange Loss:
Jan 18, 2014