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Elkin Alonso
Elkin is 30 years old, and is single with no children. He was living with his grandparents, but they passed away several months ago after suffering a long illness. He has a store, but after the death of his grandparents, it was left without products and he ran out of working capital. At the moment, he makes a living working as an employee at a ranch in the village in which he lives. He is supported by his cousin, who looks after his store and sells the few products left there.

This is why he is requesting a loan to buy wholesale goods (snacks, cold meats, dairy products, pasta, grains and other basic items) with the aim of restocking the business, capitalizing on the advantage he has of being the only person who provides this service in the village in which he lives. Because of this, he already has a customer base, which will help him to increase his sales and profits.

Elkin dreams of restocking and rebuilding his business, so that it generates enough income to allow him to become fully independent. However, he knows that to achieve this, he will have to work hard and with a great deal of dedication. This is the only way that he will be able to progress and guarantee the economic stability that provides improved living conditions.
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Elkin tiene 30 años de edad, es soltero y no tiene hijos. Vivía con sus abuelos, pero hace algunos meses fallecieron luego de sufrir por mucho tiempo una grave enfermedad. Él tiene su tienda, pero luego del fallecimiento de sus abuelos, ésta se fue quedando sin productos y se quedó sin capital de trabajo. Actualmente se dedica a laborar como empleado en una hacienda de la vereda donde reside y cuenta con el apoyo de su prima, quien le cuida su negocio y vende los pocos productos que aún tiene. Es por esta razón que solicita el apoyo del crédito, para comprar surtido al por mayor (mecato, carnes frías, lácteos, pastas, granos, entre otros productos de la canasta familiar) con el fin de volver a surtir un negocio, aprovechando la ventaja que posee de ser el único que presta el servicio en la vereda donde reside, por lo cual ya tiene su clientela fija, esto le ayudará a mejorar sus ventas y los ingresos que recibe. Elkin sueña con capitalizar y fortalecer nuevamente su negocio, para que le genere los ingresos suficientes que le permitan independizarse totalmente, pero es consciente que para lograrlo debe trabajar arduamente y con mucha dedicación, sólo así tendrá la posibilidad de avanzar hacia el progreso y podrá garantizar una estabilidad económica que le mejore sus condiciones de vida.

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.

About Colombia

  • $6,070
    Average annual income
  • 302
    View loans »
    Colombia Loans Fundraising
  • $13,783,825
    Funds lent in using Kiva
  • 1,945.5
    Colombia Pesos (COP) = $1 USD
Expired
A loan of $775 helped Elkin Alonso to buy wholesale goods (snacks, cold meats, dairy products, pasta, grains and other basic items).
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 31, 2013
Listed
Sep 3, 2013
Currency Exchange Loss:
Covered
Expired:
Oct 3, 2013