Álvaro is 55 years old. He started his life as a merchant in the town of Santa Bárbara, Colombia when he was 18 years old. Thanks to his father's support, he set up a store where he sold basic family basket products. After marrying, he decided to live in the town of Itagüí where he lives now with his wife and two children. He transferred his business and works every day from eight in the morning until eight at night. Thanks to this activity, he has been able to guarantee his family a dignified life and an education for his children.
At this time, he wants to expand his portfolio due to the high demand in the area. That is why he is asking for a loan, since he doesn't have the capital to make the investment.
His biggest dream is to be able to convert his store into a self serve market and improve his income.
Álvaro de 55 años de edad inició su vida como comerciante en el municipio de Santa Bárbara, Colombia a la edad de 18 años, gracias al apoyo de su padre montó su tienda en donde se dedicó a la comercialización de productos de la canasta familiar. Después de casarse, decidió radicarse en el municipio de Itagüí en donde reside actualmente con su esposa y sus dos hijos. Trasladó su negocio y labora diariamente de ocho de la mañana a ocho de la noche. Gracias a su actividad ha podido garantizarles a su familia una vida digna y educación a sus hijos.
En la actualidad desea ampliar su portafolio de productos por la alta demanda en el sector, y para ello se encuentra solicitando un crédito ya que no cuenta con el capital para realizar dicha inversión.
Su mayor sueño es poder convertir su tienda en un mercado autoservicio y mejorar sus 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.