At the age of 52, Jorge is noted for being a hardworking man who is focused on getting ahead. He has worked in his own store for more than five years; it generates daily support for him and his family. At present, Jorge needs to buy basic staple items to meet customer demand. This will make it possible for him to increase his income and improve his family’s quality of life. His greatest dream is to have a well-stocked store and to secure his customers’ regular patronage.
Jorge a sus 52 años, se caracteriza por se un hombre luchador y esmerado por salir adelante. Trabaja en su propia tienda desde hace más de 5 años, en la que genera el sustento diario para el y su familia. Actualmente, el señor jorge requiere de la compra de productos de la canasta familiar con el fin de suplir la demanda de sus clientes, lo que le permitirá aumentar sus ingresos y mejorar la calidad de vida de su familia. Su mayor sueño es tener su tienda bien surtida y fidelizar sus clientes.
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.