32-year-old Fernando is an entrepreneur who has a lot of dreams he would like to fulfill. He has been living in the town of Sonsón, Colombia, for the past 20 years. His business is selling fruit and vegetables which he buys from local farmers and distributes in the market square in his town. He works every day, from 5.00am to 5.00pm. His wife works alongside him after she has finished the household chores.
Fernando's biggest dream is to provide his young son with better living conditions and a good education. He hopes that he will be able to use the profits from his business to save up and buy his own home.
With the aim of fulfilling his dreams, Fernando is requesting a loan to invest in buying fruit and vegetables so that he can improve his sales and income.
Fernando de 32 años de edad es un campesino, emprendedor y con muchos sueños que desea convertir en realidad. Desde hace 20 años reside en una vereda del municipio de Sonsón, Colombia. Se dedica a la comercialización de frutas y hortalizas, las cuales compra a los campesinos de la región y la distribuye en la plaza de mercado de su localidad. Labora todos los días de 5 de la mañana a 5 de la tarde y en conjunto con su esposa que le colabora después de realizar los destinos de casa.
Su mayor sueño es poder brindarle a su hijo menor de edad, mejores condiciones de vida y una buena educación. Espera que con la rentabilidad de su negocio pueda ahorrar y adquirir vivienda propia.
Con el propósito de lograr sus sueños, se encuentra solicitando un crédito que invertirá en la compra de frutas y hortalizas para mejorar sus ventas e ingresos
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.