Hernando, 58, is father of two children. Several years ago he stated out with a fast food cart in front of a local school. Hernando has grown in the sector at present thanks to the good service and quality of his products. He works from 6am until 11pm, Monday to Friday and half days on Saturdays. Thanks to this business he was able to build his house and has moved his family forward. Today, he’d like to make some improvements (floor and walls) and to buy ingredients to make his products which is why he’s calling on a loan since he does not have the resources for said investment. He hopes to improve his income and his family’s quality of life. He dreams with having a great restaurant and to generate sources of employment in his community.
Hernando a sus 58 años de edad es padre de dos hijos. Desde hace varios años comenzó con un carro de venta de comidas rápidas frente a una institución educativa de su localidad. En la actualidad, Hernando ha logrado un crecimiento dentro del sector, gracias al buen servicio y calidad en sus productos. Labora desde las 6:00 a.m. hasta las 11:00 p.m. de lunes a viernes y los sábados hasta el medio día. Gracias a este negocio, Logró construir su casa y ha sacado su familia adelante. Hoy desea realizar mejoras locativas (piso y las paredes) y compra de insumos para la elaboración de sus productos. Por lo cual recurre a un crédito ya que no cuenta con los recursos para dicha inversión. Espera mejorar sus ingresos y la calidad de vida de su familia.
Sueña con tener un gran restaurante y generar fuentes de empleo en su comunidad.
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.