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Elkin Humberto
Elkin, 36 years old, is the married father of four children. He has lived in the countryside his whole life, where he learned to work in agriculture thanks to instruction from his father and older siblings. Thanks to all this, he now has bean, pea and tree tomato crops. The harvest from these crops is collected and sold in the marketplace of the municipality where he lives. This work is the main source of income for his family, with which he provides for all of the household's basic needs.

The borrower is a man with drive, who works tirelessly to help his family to get ahead. He is currently asking for a loan to invest in the purchase of wholesale agricultural inputs (seeds, fungicides, pesticides and fertilizers). In this way he will be able to maintain continuity in his business, and to better care for his crops so that he has a more productive harvest. This will help him to increase his earnings. He will continue fighting to achieve his dream of having his own plot of land, where he will grow his crops and generate better income to guarantee his family's economic stability. This way he will be able to continue giving his children a good education and to improve the whole family's standard of living.
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Elkin, con 36 años de edad, es casado y padre de cuatro hijos. Toda su vida ha vivido en el campo, donde aprendió las labores agrícolas gracias a las enseñanzas de su padre y sus hermanos mayores; debido a esto, hoy en día posee cultivos de fríjol, arveja y tomate de árbol, cuyas cosechas son recolectadas y vendidas en la plaza de mercado del municipio donde reside; esta actividad es la principal fuente de sus ingresos familiares, con los que solventa todas las necesidades básicas del hogar. El prestatario es un hombre con empuje, que lucha incansablemente para sacar adelante a su familia. Actualmente solicita un crédito con la intención de invertirlo en la compra de insumos agrícolas al por mayor (semillas, fungicidas, pesticidas y fertilizantes), así podrá darle continuidad a su negocio y darle mejores cuidados al cultivo para que la cosecha pueda ser más productiva; esto le ayudará a aumentar sus ingresos y podrá seguir luchando para cumplir el sueño de tener una parcela propia, donde pueda tener sus cultivos y generar mayores ingresos para garantizarle a su familia una estabilidad económica, para continuar dándole a sus hijos una buena educación y mejorar el nivel de vida de todo el núcleo familiar.

Additional Information

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 Information

This 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.

Tags

About Colombia

  • $6,070
    Average annual income
  • 266
    View loans »
    Colombia Loans Fundraising
  • $13,600,025
    Funds lent in using Kiva
  • 1,940.4
    Colombia Pesos (COP) = $1 USD
Expired
A loan of $1,550 helped Elkin Humberto to buy agricultural inputs (seeds, fungicides, pesticides and fertilizers).
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 29, 2013
Listed
Aug 31, 2013
Currency Exchange Loss:
Covered
Expired:
Sep 30, 2013