Rubiel has three employees and works from 6:30 a.m. to 7:00 p.m., taking full advantage of the lack of serious competition in the area near his store. Rubiel is active, dynamic, and trustworthy; he is striving to realize his ambitions, especially to grow his business, turn it into a supermarket with greater inventory and more customers.
Rubiel realizes, however, that in order to achieve these goals he needs to keep working conscientiously and with dedication. This is why he's applied for a loan. Rubiel will use the loan funds to purchase a delivery van and inventory (dairy products, meat, grains, cleaning supplies, and other basic goods). The store will then have a greater variety of products to sell and the van will allow easier transport of goods. Rubiel can then launch a home delivery service, boosting the store's customer base as well as sales and income. He can also put the van to use transporting goods when business at the store is slow, generating additional income. All of these improvements will represent progress, stabilizing Rubiel's finances, and improving his family's welfare and 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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