Francisco is 57 years old. He is single and never had children. For many years, he worked as a pharmaceutical chemist for various companies. When his work contracted ended, he decided to work for himself. He started his own business as a distributor of cakes, party supplies, paper products and ice creams 14 years ago. He is organized and a very hard worker. He opens his business at 10am and closes at 8:30pm and takes advantage of being known in the area where his shop is located. Francisco is requesting a loan to purchase a selection of cakes to offer greater variety to his customers during the upcoming holidays, and in this way he will increase his sales and income to support himself. He also wants to save money to achieve his main goal, which is to open another shop in a well-known and more commercial area. This would allow him to offer employee opportunities and improve his quality of life with good financial stability.
Francisco es un hombre con 57 años de edad, es soltero y nunca tuvo hijos. Durante mucho tiempo se dedicó a ejercer la profesión de químico farmacéutico en varias empresas y, cuando terminó su contrato de trabajo decidió independizarse y montar su negocio, una distribuidora de tortas, piñatería, productos desechables y helados, con el cual lleva 14 años en el mercado. Él es organizado y muy trabajador, abre su negocio a las 10:00 de la mañana y lo cierra a las 8:30 de la noche, para aprovechar la ventaja de ser reconocido en el sector donde se encuentra ubicado. Francisco solicita el crédito para comprar surtido de tortas para ofrecer más variedad a su clientes en las temporadas especiales que se aproximan y, de esta forma incrementar sus ventas y sus ingresos para su sustento diario, además desea ahorrar para cumplir su principal sueño, que es montar otro punto de venta en un sector reconocido y más comercial, que le permita ofrecer oportunidades de empleo y mejorar su calidad de vida con una buena estabilidad económica.
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.