Rodrigo is 62 years old. He is married and the father of 6 children. He has spent his whole life in the country, where he learned farm work and has done it for most of his productive life. His last job lasted 4 years. He worked as a farm laborer in flower cultivation, but a year ago he had the opportunity to become a partner in a farm and run it. He signed a contract in in which expenses, costs and profits are divided in equal parts. This has allowed him to generate the income he needs to support his home. He is a driven, enterprising, hardworking man. He says that his age is no barrier to do what he likes and he has fought tirelessly to overcome obstacles that come along due to the high costs of agricultural materials. He has not had a constant cash flow because his customers pay him every three months. That is the reason he is asking for the help of the loan in order to invest it in paying for some monthly expenses (payroll, shipping, and utilities). These are expenses that can't wait and this way he can continue supporting his crop. Rodrigo dreams of having his own crop, whose earnings would allow him to continue paying his basic household expenses and enjoy and calm old age at his family's side.
Rodrigo, con 62 años, es casado y padre de 6 hijos. Toda su vida la ha pasado en el campo, donde aprendió las labores agrícolas y se dedicó a ellas durante la mayor parte de su vida productiva. Su último empleo duró 4 años, desempeñándose como operario agrícola en un cultivo de flores, pero desde hace un 1 año se le presentó la oportunidad de convertirse en socio del dueño del cultivo y hacerse cargo de él, firmó un contrato donde se dividían los costos, gastos y utilidades en partes iguales. Esto le ha permitido generar los ingresos necesarios para llevar el sustento a su hogar. El cliente es un señor pujante, emprendedor, trabajador, él manifiesta que su edad no es ningún impedimento para hacer lo que le gusta y ha luchado incansablemente para sobrepasar los obstáculos que se le presentan debido a los altos costos de los insumos agrícolas, pues no ha tenido flujo de caja constante porque sus clientes pagan a 3 meses. Es por esta razón que solicita el apoyo del crédito, con el fin de invertirlo en el pago de algunos gastos mensuales (nómina de empleados, fletes y servicios públicos) pues son cuentas que no dan espera y de esta manera podrá continuar con el sostenimiento del cultivo. Rodrigo sueña con tener su cultivo propio, cuyas ganancias le permitan continuar solventando las necesidades básicas de su hogar y poder disfrutar de una vejez más tranquila al lado de su 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.