They settled down in another town, Antioquia, where they arrived in search of new opportunities to start over. After difficult work on various farms, he managed to get his own home, where he has 40 avocado trees and crops of corn and arracacha (a root vegetable). The harvests are sold in the town marketplace. With this work, he earns enough to cover his family's needs. Jesús says that his age does not prevent him from doing what he likes. He is constantly active and taking care of his crops, because this is his source of income. During some seasons, he has the support of a daily laborer.
He has applied for a loan to continue caring for his crops. He will invest this loan in the purchase of manure, an irrigation system, fungicides, fertilizer, and pesticides, which are necessary for a good-quality harvest. He will sell his products at a better price, thus increasing his income. Jesús hopes that his business grows in the short term, especially his avocado crops. He will then have more resources to enjoy better financial conditions and a better quality of life, giving him a peaceful old age alongside his wife.
Solicita el crédito para darle continuidad al cuidado de sus cultivos, pues será invertido en la compra de abonos, riegos, fungicidas, fertilizantes y pesticidas necesarios para poder sacar una cosecha con productos de muy buena calidad, que puedan ser vendidos a mejor precio y así aumentar sus ingresos. Jesús espera que en corto plazo su negocio crezca, especialmente el cultivo de aguacates, así podrá tener más recursos para disfrutar de mejores condiciones y calidad de vida y, pasar una vejez más tranquila al lado de su esposa.
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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