Guillermo, 59, is the father of three children. He’s been selling foodstuffs like candy and snacks informally in the local streets for the last 12 years. Sometimes he parks his cart near the main park because of the abundance of passersby.
Aiming at buying stock for his business and to increase income and improve his family’s quality of life, Guillermo’s asking for a loan because he lacks resources of his own to make said investment. His greatest wish is to provide for his youngest son’s enrolment in university so he can become a great professional.
Guillermo a sus 59 años de edad es padre de tres hijos. Desde hace 12 años se dedica a la venta de productos comestibles como dulces y snacks de manera informal, recorriendo las calles de su localidad. En lagunas ocasiones estaciona su carrito cerca al parque principal, debido al flujo de personas.
Con el fin de comprar surtido para su negocio, aumentar sus ingresos y mejorar la calidad de vida de su grupo familiar, Guillermo s encuentra solicitando un crédito ya que carece de recursos propios para realizar dicha inversión.
Su mayor deseo, es brindarle a su hijo menor la oportunidad de ingresar a la universidad y convertirse en un gran profesional.
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.