Rigoberto is 58 years old. He started his business 20 years ago due to his precarious financial situation and the need to care for the well being of his three children and his wife. He works selling candies, cigarettes, and coffee as a street vendor. This man has been able to get his family ahead.
He works every day from 9:00 a.m. until 8:00 p.m. Right now he has difficulties with weather conditions, since the rains that are coming down these days in the region stop him from selling his products. That is why he is motivated to ask for a loan to buy an awning and some merchandise in order to continue doing his work. He dreams of having a locale to increase the variety of products and the sales, thus improving his family's quality of life.
Rigoberto de 58 años de edad, inicio su negocio hace 20 años debido a su precaria condición económica y a la necesidad de velar por le bienestar de sus tres hijos y esposa. Dedicado a la venta de dulces, cigarrillos y tinto de manera ambulante, este hombre ha sacado su familia adelante.
Labora diariamente de 9:00 am hasta las 8:00 pm. En la actualidad presenta dificultades con las condiciones climáticas, ya que las lluvias que azotan por estos días la región le impide comercializar sus productos. Razón que lo ha motivado a solicitar un crédito que invertirá en la compra de una sombrilla y surtido, con el fin de continuar con el desarrollo de su labor.
Sueña con tener un local para aumentar la variedad de productos y el número de ventas, mejorando así la calidad de vida de su grupo familiar.
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.