Santiago is twenty-two years old and is an enterprising young man. He has worked at his father's deli for several years, a position that has allowed him to acquire knowledge about administration and purchasing.
Today, he wishes to create his own business, which is why he is requesting a loan. He will invest in the purchase of liquor supplies and upgrading his business premises. He dreams of being independent and generating the necessary income in order to cover his expenses and to pay for his university studies.
He says that this is one of the greatest challenges that he has faced in his life, but he is convinced that with the experience and advice of his family, his business will be around for a long time.
Santiago de 22 años de edad, es un joven emprendedor, que ha laborado en la salsamentaria de su padre desde hace algunos años, oficio que le ha permitido adquirir el conocimiento sobre administración y compras. Hoy desea crear su propio negocio por lo cual se encuentra solicitando un crédito que invertirá en la compra de surtido-licor- y adecuaciones locativas. Sueña con ser independiente y generar los ingresos necesarios para solventar sus gastos y pagar sus estudios universitarios. Asegura que este es uno de los mayores retos que ha afrontado en toda su vida, pero está convencido que con la experiencia y la asesoría de su familia logrará que su negocio sea perdurable en el tiempo.
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.