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Luis Fernando
Luis is a rural resident who is 65 years old. From the time he was a boy, Luis has been involved in agricultural work since he helped his father with the tasks around the farm. He learned everything about caring for animals, especially dairy cows. Thanks to this experience, he started his own business of producing and selling milk in 1997. Luis works alone and his main customers are his neighbors in the area where he lives. Due to low milk prices, his business went bankrupt and he had to sell his cows. Going through several financial crises has also affected his family.

Nonetheless, his drive and tenacity led him to request the support of this loan, which will provide the money to buy a milk-producing cow. Luis wants to restart his business so that he can support his family, which consists of his wife and their only child. Having this opportunity will enable him to continue striving for the welfare of those he loves. He will also have the opportunity to fulfill his dream of creating a large and profitable business. As a result, Luis will have the option to improve financially and to provide better living conditions as much as God and his body will allow.
View original language description ↓
Luis es un campesino de 65 años de edad, que desde niño ha estado involucrado en las actividades del campo, mientras le ayudaba a su padre en las labores de la finca. Allí aprendió todo lo relacionado con el cuidado de los animales, especialmente del ganado lechero; gracias a ello, en el año 1997 inició su propio negocio de producción y comercialización de leche, en el que trabajaba solo y sus principales clientes eran los vecinos de la zona donde reside; pero debido a la baja en los precios de venta del líquido su negocio se quebró y tuvo que vender las vacas, desde entonces ha pasado por diversas crisis económicas que afectan también a su familia. Sin embargo, su empuje, tenacidad y la necesidad de salir adelante lo motivan a solicitar el apoyo del préstamo para ajustar el dinero para comprar una vaca productora de leche, pues desea reactivar su actividad comercial para poder llevar el sustento a su familia, conformada por su esposa y su único hijo; con esto tendrá la oportunidad de seguir luchando por el bienestar de las personas que ama y la posibilidad de cumplir su sueño de crear un negocio grande y rentable, que le ofrezca la opción de mejorar su economía y dar a su familia mejores condiciones de vida hasta que Dios y su cuerpo se lo permitan.

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
  • 366
    View loans »
    Colombia Loans Fundraising
  • $14,070,600
    Funds lent in using Kiva
  • 1,930.7
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $800 helped Luis Fernando to buy a dairy cow.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 15, 2013
Listed
Nov 19, 2013
Currency Exchange Loss:
Possible
Ended:
Apr 17, 2014