Hermín is a young entrepreneur who is 26 years old, and dreams of being able to become a great lawyer. His has a family of farmers and a low socioeconomic status, which is why his dream to enter the university has been spoiled and he sees the need to work in order to begin his career. Now he works daily from four in the morning until two in the afternoon as an independent salesperson. He produces mazamorra, a corn and milk pudding, which he prepares in his house and sells in different neighborhoods in the Santa Bárbara municipality of Colombia.
With the goal of continuing with his big dream, this young person is asking for a loan that he will invest in the purchase of large pots to transport his product in, as well as the purchase of corn to increase his production. He hopes that his economic situation will improve and be able to provide economic stability to his parents.
Hermín es un joven emprendedor de 26 años de edad, que sueña con poder llegar a convertirse en un gran abogado, Su familia es de origen campesina y de un estrato socioeconómico bajo, por lo cual su sueño ingresar a la universidad se truncó y se vio en la necesidad de laborar para comenzar su carrera.
En la actualidad trabaja diariamente de cuatro de la mañana a dos de la tarde como independiente, produce mazamorra, la cual prepara desde su casa y comercializa en los diferentes barrios del municipio de Santa Bárbara, Colombia.
Con el propósito de continuar con su gran sueño este joven se encuentra solicitando un crédito que invertirá en la compra de canecas para el transporte de su producto y compra de maíz para aumentar su producción. Espera que su situación económica mejore y poder brindarle una estabilidad económica a sus padres.
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.