He was born into a very humble family, and their financial situation only allowed them to survive day to day. Fabio is an enterprising and energetic man, and he wants to get ahead.
He decided to request his first loan cycle in order to invest in buying materials to erect a chicken coop (wood, nails, grating). He will also buy chickens and feed (care and vitamins). This way he will raise them and later sell them. He will do this in order to get income that will allow him to meet one of his main goals. His goal is to have the opportunity to support his family, to satisfy the needs of the household, and to improve the quality of life for all of them with good financial stability.
Nació en una familia bastante humilde y su situación económica solo les permite sobrevivir el día a día. Fabio es un hombre emprendedor y enérgico, quiere salir adelante y por eso se decidió a solicitar su primer ciclo de crédito con el fin de invertirlo en la compra de materiales para el montaje de un galpón (madera, clavos, rejilla), compra de pollos y alimento (cuido y vitaminas), de esta manera los cría y luego los vende, para obtener ingresos que le permitan cumplir una de sus principales metas, que es tener la oportunidad de llevar el sustento a su familia, satisfacer las necesidades del hogar y mejorar la calidad de vida de todos con una estabilidad económica favorable.
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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