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José María
José is 53 years old, a father of 3 children and lives in a common-law marriage. Throughout his career, he has worked in transportation. He started out as an assistant on a bus, and little by little he learned to drive. Later, he worked as a driver for various people and in some of the mines in the region. Currently, he transports students and other people, which has allowed him to generate the necessary income to afford his basic household necessities.

The client is a hardworking, noble and humble man who fights tirelessly to give his family the best and because of this, he has overcome many inconveniences, especially with his car since the roads are in poor conditions and have greatly deteriorated his vehicle. This has caused him to spend a lot of money repairing his car, destabilizing his household finances. Nevertheless, he has found ways to continue with his work.

The loan he is seeking will be invested in the purchase of new axles and to perform autobody maintenance which will raise the car to avoid the constant damage. It will also make the car look better and be safer for his passengers which will be demonstrated by his increased clientele. This will lead to increased income to continue to afford his household expenses and advance everyday so that in the near future, he will be able to realize his dream of owning another car with which he can increase his family's assets and provide them with a better quality of life.
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José, a sus 53 años de edad, es padre de 3 hijos y vive en unión libre con su pareja. Durante su vida productiva se ha dedicado al transporte de personas, inició trabajando como ayudante en un chivero y poco a poco fue aprendiendo a conducir; luego trabajó como conductor de varias personas de la región y en algunas minas de la región. Actualmente se dedica a transportar estudiantes de colegios y personas en general, de esta manera ha generado los ingresos necesarios para solventar las necesidades básicas de su hogar. El cliente es un hombre trabajador, noble y humilde, lucha incansablemente para dar lo mejor a su familia y por ello ha sobrepasado diversos inconvenientes, especialmente con el carro, pues las vías están en mal estado y han deteriorado mucho su vehículo, lo que ha hecho que gaste mucho dinero en la reparación, desestabilizando la economía de su hogar, sin embargo, ha encontrado la forma de continuar con su labor. El crédito que solicita es para invertirlo en la compra de nuevos ejes y realizar mantenimiento de latonería, con esto el carro quedará más alto y, así evitará que se dañe constantemente, además tendrá mejor imagen y ofrecerá mejor seguridad a sus pasajeros, lo que se verá reflejado en el incremento de sus contratos, lo que significa mayor nivel de ingresos económicos para continuar solventando las necesidades de su hogar y avanzar cada día para que en un futuro cercano, pueda cumplir el sueño de adquirir otro vehículo con el que pueda incrementar el patrimonio familiar y dar a su familia mejor calidad de vida y bienestar.

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
  • 183
    View loans »
    Colombia Loans Fundraising
  • $13,171,600
    Funds lent in using Kiva
  • 1,897.6
    Colombia Pesos (COP) = $1 USD
Expired
A loan of $2,650 helped José María purchase news axles and perform autobody maintenance.
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 26, 2013
Listed
Sep 23, 2013
Currency Exchange Loss:
Covered
Expired:
Oct 23, 2013