Luis Horacio is 55 years old. He worked at different jobs to bring home food and money to support his family. For a year he has sold popcorn and french fries outside of high schools and church in his community. The idea for this business was born thanks to his brother who does the same work in another town. Luis wants his business to generate good income since this is his only form of support. To day he is asking for a loan to do maintenance on the popcorn popper and to buy ingredients to keep making and selling his products.
He dreams of being able to offer his family a better quality of life and of buying a home to reduce renting costs.
Luis Horacio de 55 años, se dedicó a laborar en oficios varios con el fin de conseguir el alimento y el dinero para el sostenimiento de su familia. Desde hace un año se dedica a la venta de crispetas y papas fritas a las afueras de los colegios y de la iglesia de su localidad. Esta idea de negocio surgió gracias a su hermano quien labora de forma similar en otro municipio. Luis desea que su negocio le genere buenas ganancias ya que es su única fuente de sostenimiento. Hoy se encuentra solicitando un crédito para el mantenimiento de la olla crispetera y la compra de insumos, para seguir con la elaboración y comercialización de sus productos.
Sueña con poder ofrecerle a su familia una mejor calidad de vida y comprar una vivienda para reducir los gastos de arrendamiento.
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.