Manuel, at age 49, is married and has six children. He learned to work in the fields when he was very young and grew up there. He currently raises various products on his farm and also works as a field hand on other farms in the area. He supplements his income this way so he can support his household and is a very enterprising and hardworking gentleman who works every day to get his family ahead. He works 12 hours a day, while getting through all the obstacles he faces. Manuel decided to request this loan so he can invest in farming supplies (Glyphosate, fungicides, pesticides, grosat, fertilizers) to continue his crops and have a good quality harvest that he can sell at a good price. This way he can increase his income, which is one of his main goals; expanding his crops and improving the harvests that allows him to provide his children with a good education and a better quality of life for his whole family.
Manuel, a sus 49 años de edad es casado y tiene 6 hijos. Desde muy joven conoció las labores del campo, ya que fue criado allí. Actualmente se dedica a cultivar diversos productos en su finca, y adicionalmente labora como agricultor en otras fincas del sector, para así complementar sus ingresos y llevar el sustento a su hogar. El titular es un señor emprendedor y muy trabajador, se esfuerza día a día para sacar adelante a su familia, por eso labora más de 12 horas diarias, sobrepasando todos los obstáculos que se le presentan en la realización de esta actividad. Manuel decidió solicitar el crédito para invertirlo en la compra de insumos agrícolas (glifosato, fungicidas, pesticidas, grosat, abonos) para así continuar con el cuidado de sus cultivos y sacar una cosecha de muy buena calidad, para venderla a un buen precio y así incrementar sus ingresos, además desea cumplir una de sus principales metas, que es ampliar sus cultivos y mejorar los resultados de las cosechas que le permitan tener más recursos para poder brindarle una buena educación a sus hijos y mejorar la calidad de vida de toda la familia.
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.
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.