Jose, sixty-two, works as a mobile fast food vendor at a cart located near his home. He sells all manner of fried foods, sandwiches, soft drinks, and tinto [an espresso-like drink]. He works every day from five in the afternoon until he sells out for the day. He feels very grateful for his work because thanks to his business he's been able to improve living conditions for himself and his family and keep food on the table every day.
Jose his a big dream, which is to grow his business and make it into a large family restaurant, but he knows that in order to make that happen he needs to keep working hard. He is currently seeking a loan that he'll use to buy merchandise to increase his sales because his business has gotten quite a good reception in his area. He hopes to be able to grow within the market and generate enough income to buy his own house.
José de 62 años de edad, labora como vendedor ambulante de comidas rápidas en un puesto ubicado cerca a su residencia, en donde comercializa toda clase de fritos, sándwich, gaseosa y tinto. Labora diariamente de cinco de la tarde hasta que termine con la producción del día. Se siente muy agradecido con su trabajo porque gracias a su actividad ha podido mejorar las condiciones de vida de su familia y generar el sustento diario.
José tiene un gran sueño, expandir su negocio y convertirlo en un gran restaurante familiar, pero sabe que para cumplirlo debe seguir trabajando fuertemente. En la actualidad, se encuentra solicitando un crédito que destinará en la compra de surtido para aumentar sus ventas, ya que su negocio ha tenido muy buena acogida en el sector. Espera poder crecer dentro del mercado y generar los ingresos suficientes para comprar su vivienda propia.
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.