Rigoberto De Jesús
This client is a vigorous and hard working gentleman who strives to provide for his family. He overcomes the financial hurdles that arise, for there have been times when he didn't have the capital to purchase the supplies he needs to care for his crops, which has caused losses of harvest. That is why he has decided to request this loan, which will be invested in purchasing fertilizers, irrigation supplies, pesticides, and fungicides to keep caring for his crops and obtain higher quality harvests. This will allow him to sell his products at the market at a higher price, which will result in higher income. This way Rigoberto will be in a position to offer his family better living conditions and wellbeing. He will also be able to give his younger children the chance to have an excellent education so that they can have a more successful and promising future.
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