Leonardo is 25 years old and lives in the district of Alto Grande in the municipality of Carmen de Viboral, Columbia. He works as a farm laborer cultivating flowers. In his free time he works his own crops, which he learned to do from his father.
Leonardo currently has corn, beans and cilantro planted in a field that belongs to his grandfather. The crops are sold to the collection and distribution center and in the marketplace of the municipality.
Leonardo’s greatest dream is to become a microentrepreneur and to spend all his time working his own crops. To do this he has to increase the size of his harvests, generate higher profits and become self-sufficient.
As a step toward realizing his dream, Leonardo is requesting this loan to buy potato seeds, fertilizer and water for irrigation. He hopes that with this loan he will be able to increase the size of his harvests and improve his sales.
Leonardo de 25 años de edad, reside en la vereda el Alto Grande en el municipio del Carmen de Viboral, Colombia. Labora en un cultivo de flores como operario agrícola, y en su tiempo libre se dedica a la agricultura, actividad heredada de su padre.
En la actualidad tiene sembrados de maíz, fríjol y cilantro en un terreno de propiedad de su abuelo; la producción es comercializada en el centro de acopio y en la plaza de mercado del municipio.
Su mayor deseo es poder convertirse en un microempresario y dedicar todo el tiempo a sus cultivos, pero para ello necesita aumentar su capacidad de producción, generar mayor ganancias y poder ser auto-sostenible. En búsqueda de materializar su sueño, Leonardo se encuentra solicitando un crédito que invertirá en la compra de semillas de papa, abonos y riego. Espera que con esta inversión pueda mejorar su capacidad de producción y venta.
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.