Juan Darío is a 49-year old man who has worked as a cabinetmaker for 15 years now, a profession that he learned from family tradition. He has placed his workshop at home after he was robbed a few years ago. He lost all his working tools then and had to turn to loans to start all over.
His biggest dream is to accredit his business and turn it into a microenterprise that will offer employment to workers in the sector. In order to accomplish this project, Juan is requesting a loan to buy two machines, a circular saw and a woodworking router. These will help him to produce high-quality items and speed up the working process. With this loan, he expects to improve the qualify of life of his family and consolidate his business.
Juan Darío tiene 49 años de edad y labora como ebanista desde hace más de 15 años, aprendió la actividad por tradición familiar. En su residencia tiene su taller, debido a que hace algunos años sufrió un robo en el que perdió la totalidad de sus implementos de trabajo y debió prestar recursos para comenzar de nuevo. Hoy su mayor sueño es poder acreditar su negocio y constituir su taller en una microempresa, en la que pueda ofrecer empleo a las personas del sector. Con el fin de continuar con su proyecto, Juan se encuentra solicitando un crédito que destinará para la compra de dos máquinas, una circular y una rutradora, que le permitirán elaborar artículos alta calidad y agilizar sus procesos. Espera con este crédito mejorar la calidad de vida de su familia y consolidar su negocio.
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.