David currently works as a barber in the town of Copacabana, Colombia. However, his salary is not enough to cover his basic needs. He dreams of enrolling at the university and helping his mother with the household expenses. For this reason, he is requesting a loan so that he can pursue his business idea. The loan will be invested in a barber station, a barber chair, and equipment such as razor blades. These items are essential elements for launching his business.
En la actualidad labora como barbero en el municipio de Copacabana, Colombia pero su salario no alcanza si no para cubrir sus necesidades básicas.
Sueña con ingresar a la universidad y ayudarle a su madre con los gastos del hogar, por lo cual se encuentra solicitando un crédito para iniciar con su idea de negocio, el crédito lo invertirá en la compra de un tocador, silla para corte y utensilios como cuchillas, los cuales son elementos fundamentales para iniciar con su actividad.
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By supporting this loan, you're helping a borrower launch a new business!
This loan is designed for an entrepreneur who needs working capital to start a brand new business. Along with the loan, Kiva's field partner Interactuar provides counseling, training courses, and other financial resources to help new, riskier entrepreneurs set up young businesses.
Important InformationThis 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.
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