Mariano Edgar is 49 years old and is a farmer who works producing dairy products. He gets up at 4 am every day to start his jobs. This activity is his only source of income for supporting his family, made up of his wife and 3 children.
His biggest challenge is getting his children ahead, as he makes a great effort to offer them a good education and this means they have to travel every day to the town of Yarumal, Colombia for their classes.
He dreams of being able to have his own farm and build a home for his family. At the moment they find themselves asking for a loan to buy a dairy cow with the aim of increasing his income and starting to build his dreams.
Mariano Edgar de 49 años de edad es un campesino dedicado a la lechería. Diariamente se levanta a las cuatro de la mañana para comenzar su faena. Esta actividad es la única fuente de ingresos para el sostenimiento de su familia compuesta por su esposa y tres hijos.
Su gran reto es sacar sus hijos adelante ya que se esmera por ofrecerles una buena educación y para ello deben desplazarse diariamente a la zona urbana del municipio de Yarumal, Colombia para recibir clases.
Sueña con poder tener su propia finca y construir una vivienda para su familia. En el momento se encuentra solicitando un crédito para la compra de una vaca lechera con el fin de incrementar sus ingresos y empezar a construir sus sueños.
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.