Carlos is a 47-year old man and entrepreneur who has known how to make a living with his job. He has worked in breadmaking for over 15 years and fights to get ahead and provide his family with a better quality of life. He starts working with his older son at 2.30am every day and finishes at 3pm. They make all the production for the day and then distribute to the various stores and supermarkets in their city.
He is now requesting a loan to buy food supplies and to make some improvements at his facilities. His biggest dream is to have an independent store outside of his home, given that the space today is very limited.
Carlos de 47 años de edad, es un fami-empresario que con su trabajo sabe ganarse la vida. Dedicado al oficio de la panadería desde hace más de 15 años este hombre lucha por sacar adelante su familia y brindarle una mejor calidad de vida. Diariamente inicia su faena en conjunto con su hijo mayor desde las 2:30 am hasta las 3:00 pm, elaboran toda la producción del día y luego la distribuyen en las diferentes tiendas y supermercados de su localidad. En la actualidad se encuentra solicitando un crédito que invertirá en la compra de insumos y adecuaciones locativas.
Su mayor anhelo es poder independizar su negocio de su casa, ya que el espacio es muy reducido.
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.