This borrower is a vigorous man, hard-working, humble, and persevering. He always wants to give the best to his family, and so he works untiringly to achieve it. He is applying for the loan with the goal of investing it in a stock of fruits and vegetables (bananas, potatoes, and other vegetables, among other items) wholesale in order to have a greater variety of products on hand to offer his customers, satisfying their varied needs. This will be reflected in an increase in his sales and will positively affect the inflow of economic resources to give his family better living conditions and well being. All this will allow Marco to continue advancing so that in the future he can complete his dream of selling the products that he harvests in the plaza of the market in the city of Medellín. In addition, he wants to be able to enjoy the fruits of his hard work at the side of his wife.
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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Success!! The loan was 100% repaid