Gustavo, 52, makes a living selling caps downtown, a job that has been a source of income for his immediate family. Seven years ago he created his own business and now he wants to expand by creating a branch run by his 20-year-old son.
This has motivated him to request a loan to invest in buying merchandise and shelving.
He dreams of being able to guarantee a college education for his son and give his family a decent quality of life.
Gustavo de 52 años de edad, se dedica a la venta de gorras en el centro de la ciudad, actividad que se ha constituido en la fuente de ingresos para su núcleo familiar. Desde hace siete años creó su propio negocio y hoy desea expandirse con la creación de una sucursal la cual administrará su hijo de 20 años. Motivo que lo ha impulsado a solicitar un crédito que invertirá en la compra de mercancía y estantería.
Sueña con poder garantizarle a su hijo el acceso a la educación superior y brindarle a su familiar una calidad de vida digna.
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.