Last year, he started a business selling legumes which was successful, but he was offered a good opportunity and sold the business. With the money obtained, he purchased a vehicle. Frainer is humble, friendly, hard-working, and has an entrepreneurial attitude which motivates him to seek opportunities for bettering his situation. Because of this, he would like to start a new business: washing cars. He already has the space for the business, but needs financial support to purchase the necessary supplies and tools (e.g. a power washer, vacuum cleaner, products to wash the cars) and to renovate and improve the space. This will give his a business a good start, and will allow him to take advantage of the good location and the fact that he already has some clients, including relatives, friends, and neighbors in the area.
With this business plan, Frainer hopes to increase his income, improve his business, and grow his clientele, thus giving him the opportunity to save money to buy his own home and to enjoy better living conditions.
More information about this loan
By supporting this loan, you're helping a borrower launch a new business!
This loan is designed for an entrepreneur who needs working capital to start a brand new business. Along with the loan, Kiva's field partner Interactuar provides counseling, training courses, and other financial resources to help new, riskier entrepreneurs set up young businesses.
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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