He has spent his whole career in agriculture. He has grown many different products but, due to the low results, decided to pursue other options. He decided to pursue flower growing with the goal of improving his income and sustaining his family. He is a thriving, active, hardworking, and persevering man. He does not get discouraged in the face of difficulties that arise.
He reports that his greatest challenge is competition and low cash flow, since his clients pay once every three months. This makes it difficult to purchase the necessary manure and irrigation for his crops. This is why he is requesting a loan. He would like to purchase manure, irrigation, fertilizer, and seed to grow new plants and continue caring for his current crops. He hopes to increase his production and have the opportunity to increase his customers, which will result in an increase in the income that he receives in the medium term.
Franciney has the opportunity to continue to advance toward his main goal, which is to expand his crops and care for them adequately in order to provide a high-quality product. Additionally, he will be able to generate employment, improving his family's well-being and quality of life, as well as that of other people who are involved in this difficult work.
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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