Jairo, age 59, has been doing agricultural work for all of his life. Due to his age and the condition of his health, he decided to devote himself to a less tiring business activity. Therefore, he created his own business where he sells liquor.
He tends to his business on the week-ends, and he shares the rest of the time with his wife and two children.
His biggest dream is to always stay close with his family.
He is currently requesting a loan to buy liquor in order to stay stocked. He will do this so that his sales do not decrease.
Jairo tiene 59 años de edad y dedicó toda su vida a las labores agrícolas. Debido a la edad y a su condición de salud, decidió dedicarse a una actividad menos fatigante, por lo cual creó su propio negocio en donde comercializa licor. Atiende los fines de semana y el resto del tiempo lo comparte con su esposa y sus dos hijos. Su mayor sueño es siempre permanecer en unidad con su familia.
En la actualidad se encuentra solicitando un crédito que invertirá en la compra de surtido con el fin de mantener el stock y que sus ventas no disminuyan.
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.