37-year-old Jorge is married and has three children. He has worked for fifteen years as a foreman in different construction sites around the region of Antioquia. He learned this activity from his family and it has been his main source of income, helping him to support his children and wife.
Jorge is known to be a hardworking, persistent and energetic man. His will to get ahead makes him look for more opportunities to progress and this is why he is requesting a loan. He will buy tools (a cutting machine, a sanding machine, a chain saw and manual tools) that will help him to improve the quality of his works and attract new clients. He will also reduce his costs, since he will have the machines he requires without needing to rent them from someone else. All this will result in an increase in his income, well-being for his family and the possibility to enjoy better living conditions together with his wife and children.
Jorge, a sus 37 años de edad, es casado y padre de tres hijos. Durante 15 años se ha dedicado a trabajar como maestro de obras de construcción, prestando sus servicios en diferentes municipios de la región antioqueña. Esta actividad la aprendió de su familia y ha sido su principal fuente de ingresos con los que ha podido sacar adelante a sus hijos y esposa. Se caracteriza por ser un hombre trabajador, pujante y activo, sus ganas de progresar lo impulsan a buscar opciones para seguir avanzando, por ello solicita el crédito, con el que comprará activos y herramientas de trabajo (máquina cortadora, pulidora, motosierra y herramientas de mano), con lo que podrá mejorar sus trabajos y atraer nuevos clientes, además podrá disminuir los costos de producción, pues tendrá la maquinaria necesaria para realizar las labores y no tendrá que recurrir al alquiler de equipos y herramientas. Todo esto se verá reflejado en el incremento de sus ingresos, con los que podrá brindar un mejor bienestar a su familia y disfrutar de mejores condiciones de vida en compañía de sus hijos y su esposa.
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.