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Julio Rafael
Julio is 33 years old and works in his own shoe shop, where he makes the top part of shoes out of leather and puts the finishing touches on them. He has his wife’s and nephew’s encouragement and is able to do this work, thanks to the experience he gained through different workshops a few years ago. He generates enough income to provide for his family’s wellbeing, which includes his wife and three children. He is very dynamic, active, and passionate about his work and always in search of new alternatives that will allow him to get ahead, so he is asking for a loan to buy a double stitch sewing machine. This will allow him to improve his production times and speed things up so he can better fill his orders, which will be reflected in increased sales and income. Julio wants to continue working to be able to have a larger workshop so he can offer new job opportunities and obtain better profits. He also wants to provide his children with an excellent education and a better quality of life for the whole family.
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Julio, a sus 33 años de edad, se dedica a trabajar como guarnecedor en su propio taller, allí se encarga de elaborar la parte superior del calzado en cuero y darle la horma a los mismos, cuenta con el apoyo de su esposa y de un sobrino y realiza esta actividad gracias a la experiencia que obtuvo trabajando en diferentes talleres algunos años atrás; de esta forma genera los recursos suficientes para velar por el bienestar de su familia conformada por su esposa y 3 hijos. El cliente es un hombre apasionado por su labor, dinámico y activo, siempre va en busca de nuevas alternativas que le permitan salir adelante, por ello, solicita el apoyo del crédito con el que desea comprar una máquina de coser con doble aguja, lo que le permitirá mejorar los tiempos de producción y agilizar el proceso completo para cumplir de manera oportuna con las entregas de los pedidos; lo que se reflejará en el incremento de sus ventas y los ingresos que recibe de ellas. Julio quiere seguir trabajando para tener un taller más amplio que le permita ofrecer nuevas oportunidades de empleo y generar mejor rentabilidad, además quiere ofrecer una excelente educación a sus hijos y mejor calidad de vida a toda la familia.

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.

About Colombia

  • $11,100
    Average annual income
  • 490
    View loans »
    Colombia Loans Fundraising
  • $15,259,900
    Funds lent in using Kiva
  • 1,917.3
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $525 helped Julio Rafael to buy a sewing machine.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 17, 2013
Listed
Nov 24, 2013
Currency Exchange Loss:
Possible
Ended:
May 22, 2014