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Porfirio
Porfirio, who is 49 years old, is the father of three children and is in a common law marriage with his partner. He was born and raised in the country, where his parents taught him everything about agriculture. Thanks to them, he now owns cattle and an orange grove on a farm that he inherited from his parents. He enjoys the benefit of being located near the shores of the Magdalena river because he can work as a fisherman to further contribute to his family's income.

Porfirio is a thriving, active, hardworking man, and is always searching for the best options that will allow him to bring his family forward. He requests this loan with the goal of investing it in the purchase of agricultural supplies in bulk (seeds, irrigation, fertilizers, pesticides).

He would like to use his available land to plant about 2 hectares of banana plants, which will increase his production, as well as diversify his nutrition and the products that he offers in the market. This will notably increase his economic resources and will allow him to continue to move toward achieving his main goal, which is to make his farm a large, productive entity with cattle, pigs, crops, and fertile pastures to continue to secure his family's well-being and quality of life.
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Porfirio, a sus 49 años de edad es padre de tres hijos y vive en unión libre con su pareja. Nació y creció en el campo, donde sus padres le enseñaron todas las actividades de la agricultura. Gracias a ello, hoy en día posee ganado y cultivos de naranja, en una finca que heredó de sus padres, además aprovecha la ventaja de estar ubicado a orillas del río Magdalena, pues también se desempeña como pescador para complementar los ingresos familiares. El cliente es un hombre pujante, activo, trabajador y siempre va en busca de mejores opciones que le ayuden a salir adelante. Solicita el crédito con el fin de invertirlo en la compra de insumos agrícolas al por mayor (semillas, riegos, fertilizantes, pesticidas) pues desea utilizar el terreno que tiene disponible para sembrar alrededor de 2 hectáreas de plátano, con lo cual podrá incrementar su producción y diversificar los alimentos y productos que ofrece en el mercado, así mejorará notablemente la entrada de recursos económicos y podrá seguir avanzando hacia el cumplimiento de su principal objetivo que es hacer de su finca una gran unidad productiva, con ganado, cerdos, cultivos y pastos fértiles para así seguir velando por el bienestar y la calidad de vida que desea ofrecer a su familia.

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
  • 270
    View loans »
    Colombia Loans Fundraising
  • $13,479,900
    Funds lent in using Kiva
  • 1,894.9
    Colombia Pesos (COP) = $1 USD
Expired
A loan of $1,850 helped Porfirio to buy agricultural supplies in bulk (seeds, irrigation, fertilizers, pesticides).
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 23, 2013
Listed
Sep 23, 2013
Currency Exchange Loss:
Covered
Expired:
Oct 23, 2013