José William, 62, affirms that the most important thing for him is his family and any sacrifice for them is small compared to the happiness they provide him. José works selling ice-cream in his town, an activity he carries out thanks to his previous boss who let him buy the machine in modest installment payments. His work is his main source of employment for his home and thanks to this occupation his quality of life has improved. He hopes to increase income to provide his grandchildren with better educational opportunities.
His great dream has always been to have an ice-cream shop but he’s aware that this is a project for the mid-term. For the moment, he’s concentrating on finding a loan to service and repair the industrial mixer because due to its mechanical defects he’s been gravely affected by not being able to make his daily sales.
José William de 62 años de edad, afirma que lo más importante para el es su familia y que por ella cualquier sacrificio es pequeño comparado con la felicidad que le proporcionan. José labora vendiendo helados en su municipio, actividad que realiza gracias a su antiguo jefe que le permitió adquirir la máquina con módicas cuotas de pago. Su trabajo es la principal fuente de empleo para su hogar y gracias a este oficio su calidad de vida ha mejorado. Espera poder aumentar sus ingresos para ofrecerles a sus nietos mejores oportunidades de educación.
Su gran sueño siempre ha sido tener un local en donde comercializar su producto, pero es conciente que será un proyecto a mediano plazo, por el momento se concentra en la búsqueda de un crédito que utilizará en el mantenimiento y reparación de la batidora industrial, ya que debido a fallas técnicas se ha visto gravemente perjudicado al no realizar sus ventas diarias.
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.