Since he began his working life, he has made his living working as a day laborer on different farms in the town where he lives. With this, he has obtained experience and a lot of knowledge in crop handling. Thanks to this, today he has crops of yams and corn, activities which alternates with his present employment at a farm.
The crops are located in land on his property which was given to him as a family heritage. Carlos is a strong, hard-working and active man who strives to reach his objectives. This motivates him to ask for the loan to invest in the purchase of agricultural inputs (composts, fertilizers, fungicides, and others) which are necessary to give continuity in the care of his crops.
This will allow him to have a harvest with better quality products which will be able to be sold at a good price in the market, which will be reflected in the increase in his production and his income.
Additionally, it will give him more hope of getting to meet one of his main dreams, which is to increase his crops so that they provide him with economic stability. He wishes to form a family in the near future and wants to have a business which is profitable and sustainable over time to be able to provide good living conditions to his future family.
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