Nelson De Jesús
He is a thriving and hard-working man who is passionate about his work, and despite the obstacles he faces due to his lack of capital to fertilize his crops, he always looks for a way to move forward. This is why he is asking for the support of his first loan, which he wants to use to buy agricultural supplies such as compost, fungicides, pesticides, and fertilizers, in order to continue looking after his crops and fertilize them, since harvest season is approaching. This will help his crops produce more and yield a high quality product that he can sell at a higher price at the market. This will mean his income will increase and he will be able to continue paying his household bills as well as the day labourers that he works with for the fertilizing and harvesting of the crops.
Nelson dreams of expanding and strengthening his business, as it is his main source of income, with which he will be able to help his family move forward, with better living conditions and a future that is more promising and successful.
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