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Horacio
Horacio, 25 years old, lives in a common-law relationship with his partner and is the father of a three year old son. Currently he is employed by a sawmill company where he cuts wood with a chainsaw that he has to rent because the company does not provide the equipment for the job. He heard about this work from a friend who provided him with the opportunity to get employment in this field. In this way, he has been able to earn an income to pay for household expenses and other basic needs of his family.

This client is a vigorous man who loves his job and who works hard to find options that will enable him to help his little boy get ahead. This inspired him to apply for a loan to invest in the purchase of a chainsaw and other work tools so that he will not have to continue renting them to do his work. Thus he will make more of a profit and improve the flow of resources so that he can continue succeeding and realizing his dream of becoming self-employed. He wants to earn a living on his own and manage his time so he can enjoy his family more. In this way he will achieve financial stability and improve his own and his nuclear family’s living conditions.
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Horacio, a sus 25 años de edad vive con su pareja en unión libre y es padre de un hijo de 3 años. Actualmente se dedica a laborar como empleado en un aserrío de maderas donde se encargaba de realizar los trabajos con una motosierra que le alquilan ya que la empresa no le da el equipo para trabajar. Esta actividad la conoció gracias a un amigo que inicialmente le dio la oportunidad de emplearse en este campo. De esta manera ha logrado generar ingresos para solventar los gastos del hogar y las necesidades básicas de su familia. El cliente es un hombre pujante, apasionado por su labor y trabaja arduamente para buscar opciones que le permitan sacar adelante a sus hijo, esto lo motiva a solicitar el crédito que invertirá en la compra de una motosierra y herramientas de trabajo con el ánimo de no continuar pagando alquiler por la máquina para ejercer su trabajo, de esta manera tendrá mayor rentabilidad y mejorará positivamente la entrada de recursos que le permitan seguir avanzando y cumplir el sueño de independizarse, generando los recursos por cuenta propia y manejando su propio tiempo para disfrutar al lado de su familia, de una estabilidad económica favorable y mejores condiciones de vida para él y su 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.

About Colombia

  • $6,070
    Average annual income
  • 192
    View loans »
    Colombia Loans Fundraising
  • $12,868,250
    Funds lent in using Kiva
  • 1,932.2
    Colombia Pesos (COP) = $1 USD
Expired
A loan of $1,050 helped Horacio to purchase a chainsaw and other work tools.
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 2, 2013
Listed
Sep 3, 2013
Currency Exchange Loss:
Covered
Expired:
Oct 3, 2013