One of his greatest dreams it to buy a bigger piece of land to improve the conditions for his animals. He’s currently looking for a loan to buy calves to raise so he can put them out to graze and then sell them at a better price. Oscar hopes to increase his income and get a larger number of animals to guarantee economic stability for his family.
Uno de sus mayores sueños es comprar un lote más grande para mejorar las condiciones de sus animales. En la actualidad se encuentra en búsqueda de un crédito con el que comprará terneros de levante con el fin de pastarlos y venderlos a un mejor precio.
Oscar espera aumentar sus ingresos y conseguir un mayor número de ganado con el fin de garantizarle a su grupo familiar una condición económica estable.
More information about this loan
By funding this loan, you are promoting entrepreneurship in remote regions, including areas recovering from guerilla warfare in Colombia, and helping to reverse the rural exodus which occurred in the past decades when a the rural population fled their countryside homes for the safer cities.
This Kiva loan was created by Kiva's field partner Interactuar specifically for Kiva funding, in an effort to reach more borrowers in rural areas. Most of the Interactuar's lending operations are focused in urban parts of Medellin. But this loan product is designed to provide working capital to riskier agricultural businesses who have been traditionally excluded from the finance sector.
Important InformationThis 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.
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