Jhon, who is 22 years old, makes shoes, a trade that he learned thanks to the opportunity he had to attend a trade school. He works Monday to Sunday from 8 am to 6 pm. This business has allowed him to earn an income that he uses to support his household, which is composed of his mother and younger brother.
His biggest dream is to be able to strengthen his business and make way for a major company. For this reason, he is requesting a loan to purchase a polishing machine and basic materials (leather strips, cords, buckles, soles, and linings) as well as maintain a machine. The goal is to grow his sales and improve his financial situation.
Jhon de 22 años de edad, se dedica a la elaboración de calzado, oficio que aprendió gracias a la oportunidad que tuvo de acceder a un instituto de formación. Labora de lunes a domingo de 8 de la mañana a 6 de la tarde. Esta actividad le ha permitido generar ingresos que destina para el sostenimiento de su hogar compuesto por su madre y un hermano menor.
Su mayor sueño es poder consolidar su negocio y abrirse paso como un gran empresario. Por esta razón se encuentra solicitando un crédito para la compra una pulidora, materia prima (tiras, corras, hebillas, suelas, forros y mantenimiento de una máquina. Con el propósito de aumentar sus ventas y mejorar su situación económica.
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.