He asks for a loan because he would like to make some changes to the premises and to buy everything he needs, like soft drinks, snacks, sweets, cookies, fried foods, coffee and other products, so that he may start his work project with which he hopes to generate the income he needs to provide for his family.
Hernán is characterized as a dedicated, active and hardworking man. He knows that to achieve his objectives, he must fight tirelessly, with discipline and effort. This will help him fulfill his dream for the future, which is to have a big café where he can create employment opportunities and, as his business grows, set up other branches. By this he will have the opportunity to keep striving to provide a better quality of life for his family.
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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