Élkin is 32 years old. He has worked as a farmer for more than 20 years. He learned to farm as a family tradition and today it has become the source of income for him and his family. Thanks to his commitment and effort, he has succeeded in sowing a crop of coffee and bananas, which he sells in the town square.
Currently he is requesting this loan to purchase farming supplies and fertilizer in order to have a harvest of excellent quality crops, which will improve his financial situation. He hopes that this investment can generate the necessary income to guarantee that his one year old son receives a good education.
Élkin a sus 32 años de edad, se dedica a la agricultura desde hace más de 20 años, actividad que aprendió por tradición familiar y hoy se ha convertido en la fuente de ingresos para él y su familia. Gracias a su empeño y esfuerzo a logrado sembrar un cultivo de café y plátano, los cuales comercializa en la plaza de su municipio. En la actualidad se encuentra solicitando un crédito que invertirá en la compra de insumos agrícolas y abonos para sacar una producción de excelente calidad y mejorar su situación económica. Espera que con esta inversión pueda generar los ingresos necesarios para garantizarle a su hijo de un año de edad una buena educación.
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.