Diego De Jesús
Diego is currently working for a panela mill [unrefined whole cane sugar] . He also takes care of his own plantation where he works during the weekends, since he has to follow the mill’s timetable. This is why he has to hire day laborers that help him with the maintenance activities. His income comes from his work at the mill and from growing and selling the cane (to the same mill where he works). This way, he can make enough to maintain his family.
Diego is requesting a loan to buy agricultural supplies (compost, fertilizers and pesticides) in order to continue taking care of his plantation and to pay for the labor. His dream is to expand his plantations and make them more productive, so that he can give his family more financial stability, give his children a better education and improve the whole family’s quality of life.
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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Success!! The loan was 100% repaid