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Francisco Javier
Francisco is 49 years old, has three children, and is in a common law marriage. He worked as an employee for 12 years but after so many years he did not advance and he felt stuck because his salary was not enough to meet the basic needs of his household. So he decided to leave the company and try his luck at working as an independent merchant selling different merchandise and socks on foot in a public space in the city center. He works there every day from 9:00 am to 7:00 pm and he was able to buy two houses, and provide an education for his children, thanks to the dedication, and perseverance he has put into his work over the past ten years. He is asking for this loan to buy merchandise in quantity (socks) to stock up for the approaching Christmas season, when his sales and income increase. Francisco wants to strengthen his business and in the future be able to start a larger store that will be more profitable and will allow him to have stable finances so he can provide is family with a better quality of life.
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Francisco, a sus 49 años de edad, es padre de 3 hijos y vive en unión libre con su compañera sentimental. Durante 12 años trabajó como empleado en una empresa, pero después de tantos años no había adquirido nada y se sentía estancado, pues el salario que recibía sólo le alcanzaba para suplir las necesidades básicas del hogar. Por esta razón decidió retirarse de la empresa y aventurarse a trabajar como comerciante independiente, comenzó a vender mercancía y medias de manera ambulante, en un pequeño puesto que las autoridades de espacio público le otorgaron en el centro de la ciudad, allí atiende todos los días de 9:00 am a 7:00 pm y gracias al empeño, la perseverancia y a la dedicación con la que ha trabajado, logró adquirir 2 casas y le ha brindado educación a sus hijos, durante los 10 años que lleva en funcionamiento. Actualmente solicita el crédito para comprar mercancía al por mayor (medias), y así abastecerse para la temporada de navidad que se aproxima, época en la cual se incrementan sus ventas y por ende sus ingresos. Francisco sueña con fortalecer aún más su negocio y en un futuro tener la posibilidad de montar su negocio en un almacén más grande, que sea rentable y le permita tener una estabilidad económica favorable para dar a su familia una mejor calidad de vida y bienestar.

Additional Information

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
  • 287
    View loans »
    Colombia Loans Fundraising
  • $13,892,025
    Funds lent in using Kiva
  • 1,879.9
    Colombia Pesos (COP) = $1 USD
Expired
A loan of $1,075 helped Francisco Javier to buy merchandise (socks).
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 23, 2013
Listed
Oct 26, 2013
Currency Exchange Loss:
Possible
Expired:
Nov 25, 2013