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Francisco Javier
Francisco is 48 years old, married, and the father of two children. He was born and raised in the country, where his family taught him how to perform all the farming tasks. Today, thanks to their teaching, he has corn and bean crops, located on rented land. He sells the products he harvests at the market, making this his main source of income, which allows him to support his family. The borrower is an active, vigorous, enterprising gentleman and strives daily to ensure the welfare of his wife and children because they are his main reason for forging ahead, and overcoming various obstacles as his business is very unstable and uncertain. This leads him to seek the support of a loan, which he will invest in the purchase of farming inputs (seeds, manure, irrigation, and fertilizers) that he needs in order to be able to harvest the current crop, prepare the land for planting again, and continue with his work. Francisco dreams of growing his crops and making his business more profitable so that he can offer his family better living conditions and enjoy the fruits of his arduous labor.
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Francisco, a sus 48 años de edad es casado y padre de dos hijos. Nació y creció en el campo, donde su familia le enseñó todas las labores agrícolas y, gracias a ello hoy en día posee cultivos de maíz y fríjol, ubicados en unos terrenos prestados, los productos que cosecha los vende en el mercado, convirtiéndose esta en su principal fuente de ingresos, lo que le permite llevar el sustento diario a su familia. El cliente es un señor activo, pujante, emprendedor y diariamente lucha para velar por el bienestar de sus hijos y su esposa, pues ellos son su principal motivación para seguir adelante, sobrepasando diversos obstáculos, pues esta actividad es muy inestable e incierta. Esto lo lleva a solicitar el apoyo del crédito que invertirá en la compra de insumos agrícolas (semillas, abonos, riegos, fertilizantes), que son necesarios para poder sacar la cosecha actual, preparar el terreno para sembrar nuevamente y así continuar con su labor. Francisco sueña con hacer crecer sus cultivos y hacer de su actividad un negocio más rentable, con el que pueda ofrecer a su familia mejores condiciones de vida y disfrutar los frutos de su ardua labor.

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
  • $13,479,900
    Funds lent in using Kiva
  • 1,921.4
    Colombia Pesos (COP) = $1 USD
Expired
A loan of $3,125 helped Francisco Javier to purchase farming inputs (seeds, manure, irrigation, and fertilizers).
Repayment Term
38 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 13, 2013
Listed
Sep 14, 2013
Currency Exchange Loss:
Covered
Expired:
Oct 14, 2013