Reinaldo is a farmer of 35 years of age from the municipality of Marinilla, Colombia. He learnt about farm work from when he was a child since his family has always lived in the same place. He worked with his father for over 10 years until he decided to become independent. At present he has has 2500 tomato and paprika seedlings which require fertilizer in order to obtain a good harvest. For this reason Reinaldo is asking for a loan to buy agricultural supplies and in this way generate quality produce.
His dream is to buy a plot of land so that he can sow his crops and build a house for his wife and two-year-old son, since he is currently living in his father's house.
Reinaldo es un campesino de 35 años de edad del municipio de Marinilla, Colombia. Desde su niñez conoce de las labores del campo debido a que su familia siempre ha residido en el mismo lugar. Laboró con su padre por más de 10 años, hasta que tomó la decisión de independizarse. En la actualidad cuenta con 2500 matas de sembrados de tomate y pimentón, los cuales requieren de abonos, para sacar una buena cosecha. Por esta razón Reinaldo se encuentra solicitando un crédito con el que comprará insumos agropecuarios y de este modo generar una producción de calidad.
Su gran sueño es poder comprar una parcela, para realizar sus siembras y construir una vivienda para su esposa y su hijo de dos años de edad, ya que en la que se encuentra en estos momentos es de su padre.
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.