He has always worked as a farmer. He has corn and bean crops which are harvested and sold at the municipal market where he lives.
Currently he is the only one working as his wife, who is his biggest economic support, is suffering from health issues.
However, with effort, love and dedication he has been able to get ahead and is always looking for new alternatives which will let him advance.
This is why he is asking for a loan. He will buy cattle. He wants to venture into another area of business to complement his income and improve the well being of his family.
Gabriel dreams of having a profitable business that last a long time and guarantees him economic stability.
His biggest dream is to give his children and excellent education. He also wants to keep farming and increasing his income and provide better living conditions to the ones he loves.
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 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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