Luis is 39 years old and the father of 3 minor children. For the last 5 years, he has been involved in wholesale commerce. He buys condiments at wholesale and distributes them to stores and supermarkets in his locality and adjacent zones. Thanks to his labor, his family enjoys a home and his children an education.
At present, Luis is requesting a loan to increase his working capital, in order to augment his earnings and satisfying customer needs. Luis dreams of expanding his business in the local market and guaranteeing better opportunities in life for his children.
Luis, tiene 39 años y es padre de tres hijos menores de edad, desde hace cinco años se dedica al comercio mayorista. Compra condimentos al por mayor y los distribuye en tiendas y supermercados de su localidad y zonas aledañas. Gracias a su labor su familia goza de una vivienda y sus hijos de educación. En la actualidad se encuentra solicitando un crédito que invertirá en capital de trabajo con el fin de aumentar sus ganancias y satisfacer las necesidades de sus clientes. Sueña con crecer dentro del mercado local y garantizarle a sus hijos mejores oportunidades de vida.
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.