He began working in real property, making investments for which he earned a commission, but now he would like to start his own business and generate income for himself. His project consists of establishing a store selling miscellaneous goods, which will offer a variety of products like paper goods, jewelry, cleaning products, and other things. He already has a property located on a corner and he has been researching possible suppliers.
Nelson is a thriving entrepreneur who has vision and works towards achieving his goals. He request the support of this loan to purchase merchandise in bulk (pens, notebooks, cosmetics, cleaning products, etc.) and 2 display cabinets on which to store his products. This way, he will be able to begin his business project, which he hopes will generate the income necessary to provide his family with the basic necessities, bring his son forward in life, and provide a better quality of life and well-being to his immediate family in the near future.
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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