Fernando Antonio is 32, married, and father to a twelve year old son. He has always liked to be independent, and four years ago he set up his own grocery store. He is hardworking and organized and was able to get his family ahead with the income that his business has generated.
The loan is to invest in a refrigerator and more stock for his business such dairy products, cookies, cold cuts, toiletries, and all the general products a family needs. His biggest dream is to grow his business’s sales, so that it can make a higher level of economic income to be able to offer a better quality of life for his wife and son. Additionally, he hopes to be able to generate opportunities for employment of other people.
Fernando Antonio es un hombre de 32 años de edad, está casado y es padre de un hijo de 12 años. Siempre le ha gustado ser independiente y hace cuatro años montó su propia tienda de abarrotes. Es un hombre trabajador y muy organizado, ha sacado a su familia adelante con los ingresos que le ha generado su negocio. El crédito lo desea invertir en la compra de un enfriador y más surtido para su negocio (productos lácteos, galletas, carnes frías, productos de aseo y todos los productos de la canasta familiar en general). Su mayor sueño es hacer crecer las ventas en su negocio, que le generen mayor nivel de ingresos económicos para poder brindarle una mejor calidad de vida a su esposa e hijo y, adicionalmente poder generar oportunidades de empleo para otras personas.
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.