Because of difficult economic circumstances facing his family, Angel decided to start his own business. He obtained a sales stand in a very busy part of the area where he lives. However, he needs the help of a loan to invest in the purchase of a freezer, to do renovations to his place of business (by painting his stand), and to buy stock wholesale (snacks, cookies, pastries, soft drinks, milk products). This will allow him to earn enough income to continue to provide for the basic needs of his household. Furthermore, he will be in charge of his own time, so that he can devote it to his family.
Angel is a hardworking and determined man who is dedicated to his family. For this reason, he wants to fulfill his dream and finish making the payments required to earn his pension, which will guarantee the wellbeing of his family and provide them with a better quality of life.
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By supporting this loan, you're helping a borrower launch a new business!
This loan is designed for an entrepreneur who needs working capital to start a brand new business. Along with the loan, Kiva's field partner Interactuar provides counseling, training courses, and other financial resources to help new, riskier entrepreneurs set up young businesses.
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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