Víctor is a 56-year-old man who has fought to make headway for his family by working incessantly to offer them a better quality of life. He has worked for a number of years running a bakery. After learning the trade he decided to go out on his own and start his own business. This activity has allowed him to guarantee his children's education and opportunities for a better life. His biggest dream is to be able to adjust his business so it can offer a better service and increase his sales volume. For this reason, he is requesting the loan to purchase three sets of tables and chairs and a laminated sign.
Víctor de 56 años de edad es un hombre que ha luchado por sacar adelante a su familia, por ello trabaja incesantemente para ofrecerles una mejor calidad de vida. Laboró durante varios años administrando una panadería. Después de aprender el oficio decidió independizarse y montar su propio negocio de panificación. Esta actividad le ha permitido garantizarles a sus dos hijos una educación y mejores oportunidades de vida.
Su mayor sueño es poder adecuar su negocio con el fin de ofrecer un mejor servicio e incrementar su volumen de ventas. Por esta razón se encuentra solicitando un crédito con el que comprará tres juegos de mesas, silletería y un aviso laminoso.
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.