Hernán also works as a taxi driver serving the towns and villages of the municipality. These two jobs bring in enough money to pay for household necessities. He is a thriving, enterprising, active and hardworking man who works long days. Mornings are spent in his fields, and afternoons and evenings driving his taxi. He's done this work for approximately 20 years.
Hernán is seeking a loan to help him overcome some problems that he is facing due to the high cost of agricultural supplies. He plans to use the money to buy manure, sprinklers, fungicide, and fertilizer so that he can continue to provide good care for his crops and get a high-quality harvest. He will be able to sell the produce for a better price in the market and increase his income.
Hernán's dream is to expand his business and make it sustainable so that he can continue to generate employment. In turn this will lead to greater economic stability and the opportunity to provide his children with a better education and a better standard of living for the whole family.
El cliente solicita el crédito como un apoyo, para hacerle frente a los obstáculos que se le presentan debido a los altos costos de los insumos agrícolas; éste será invertido en la compra de abonos, riegos, fungicidas y fertilizantes para poder continuar con el cuidado de todos sus cultivos y así poder cosechar productos de muy buena calidad, que pueda vender a mejor precio en el mercado y así aumentar sus ingresos. Hernán sueña con darle continuidad a su negocio, hacerlo crecer y que sea perdurable en el tiempo para continuar generando oportunidades de empleo y que le ayuden a tener una estabilidad económica favorable para brindar una mejor educación a sus hijos y mejor calidad de vida para 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.
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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