Luis is 39 years old. He has dedicated much of his life to agriculture, an activity he learned from his parents and grandparents. He has supported his wife and two children growing eggplants. He built his home with great effort and he is now providing his children with an education in order to guarantee them a better future.
Luis is requesting a loan to purchase materials (seeds, fertilizers) and to make repairs to irrigation systems for his crops, as he does not have the resources to make such an investment. He hopes his production will improve so he can improve his family's quality of life.
Luis con 39 años de edad, ha dedicado gran parte de su vida a la agricultura, actividad que aprendió de sus padres y abuelos. Enfocado en la producción de berenjena, ha sacado adelante a su esposa y dos hijos. Construyó su vivienda con gran esfuerzo y ahora les suministra educación a sus hijos con el fin de garantizarles un mejor futuro.
Con el objetivo de comprar insumos (semillas, fertilizantes y adecuación de sistemas de riego para su cultivo) se encuentra solicitando un crédito, ya que no cuenta con los recursos para realizar dicha inversión,
Espera incrementar su producción y mejorar la calidad de su familia.
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.