Gerardo, age 35, has had a store for three years. He tends to his business from 6:00 a.m. until 10:00 p.m. throughout the week, and he watches out for it so that it goes well.
He learned this trade from his family, who has always supported him. It is for them that he works arduously day to day with the intention of getting enough income to support them.
His business now needs some products, and he needs to buy stock. In order to do so, he is requesting a loan because he does not have his own resources for said investment. He dreams of expanding his business and improving his family’s quality of life.
Gerardo de 35 años de edad tiene una tienda desde hace tres años. Atiende su negocio desde las 6:00 a.m hasta las 10:00 p.m durante toda la semana y vela porque marche bien. Este oficio lo aprendió de su familia quienes han sido siempre su apoyo y por quienes trabaja día a día arduamente con el ánimo de conseguir los ingresos suficientes para su sostenimiento. En la actualidad el negocio carece de algunos productos, por lo cual requiere de la compra de surtido y para ello se encuentra solicitando un crédito ya que no posee recursos propios para dicha inversión. Sueña con ampliar su negocio y mejorar la calidad de vida de su familia.
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.