However, a year ago, Sergio was determined to become independent and offer gardening services on his own. He tells us that, for now, he has had only good results and so Sergio wants to continue with this work. To do this, he is applying for a loan in order to buy a scythe. This will allow him to improve the quality of service he offers and to increase his income.
Sergio's biggest desire is to spend good times with his three children and to guarantee them a quality education.
Desde hace un año tomó la determinación de independizarse y dedicarse a prestar el servicio de mantenimiento de jardines. Asegura que hasta la fecha a tenidos buenos resultados, por lo cual desea continuar con el desarrollo de la actividad y para ello se encuentra solicitando un crédito que invertirá en la compra de una guadaña con el fin de mejorar la calidad en el servicio y aumentar sus ingresos.
Su mayor anhelo es compartir grandes momentos con sus tres hijos y garantizarles una educación de calidad.
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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