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Inocencio Miguel
Inocencio Miguel is a 38 year-old man. He is single and has no children. For more than 13 years, he has been making and selling fried foods such as empanadas, cheese sticks, fried dough balls, fried potatoes, and other foods. He learned this trade from his mother when he was young. She involved him in the business, and this way he learned everything that he knows today. Inocencio Miguel is a hardworking and dedicated man who gets up at dawn to start making the products that he will later fry in a traditional pot over a wood fire. He will invest this loan in the purchase of an industrial stove that uses propane gas cylinders. This will enable him to make his products faster so that he can produce more and increase his income. His main dream is to increase his production and sales so that he can start saving to buy some land.
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Inocencio Miguel es un hombre de 38 años de edad, soltero y no tiene hijos. Hace más de 13 años se dedica a la producción y venta de fritos como empanadas, deditos, buñuelos, papas, entre otros. Conoce la actividad gracias a su madre que desde pequeño lo fue involucrando con el negocio y así fue aprendiendo todo lo que hoy en día sabe. Es un hombre trabajador y dedicado, se levanta en la madrugada para comenzar a hacer los productos que posteriormente frita en una olla artesanal sobre un fogón de leña. El crédito lo desea invertir en la compra de una estufa industrial que funcione con cilindro de gas propano, lo que le permitirá hacer sus productos en menor tiempo y así poder sacar más producción que le ayude a incrementar sus ingresos económicos. Su mayor sueño es lograr aumentar su producción y sus ventas, con el fin de comenzar un ahorro para comprarse un lote.

Additional Information

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 Information

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.

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About Colombia

  • $6,070
    Average annual income
  • 501
    View loans »
    Colombia Loans Fundraising
  • $14,678,675
    Funds lent in using Kiva
  • 1,925.0
    Colombia Pesos (COP) = $1 USD
Expired
A loan of $1,575 helped Inocencio Miguel to buy an industrial stove that runs on propane gas cylinders.
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 27, 2013
Listed
Jun 29, 2013
Currency Exchange Loss:
Covered
Expired:
Jul 29, 2013