Antonio is an enterprising man. He is 56 years old and has been a merchant for six years. He generates income that he needs to buy a house and to continue helping with his two children’s educations. He will use the money from this loan to buy what he needs for the end of the year season, including fruits, vegetables, soft drinks, and other things.
He is a tireless, hardworking man who works 14 hours a day, seven days a week. He is pursuing his dream of growing his business and leaving is as a family legacy that will ensure his support in his old age.
Don Antonio es un hombre emprendedor, de 56 años de edad, que lleva más de 6 años en el comercio. A través de su negocio busca generar los recursos que tanto necesita para poder comprarse una casa propia y continuar ayudando en la educación de sus dos hijos. Con el crédito busca poder comprar el inventario que le está haciendo falta en su tienda para la temporada de fin de año, lo cual incluye frutas, verduras y gaseosas entre otras cosas.
Es un trabajador incansable, que con jornadas de 14 horas diarias, de Lunes a Domingo, persigue el sueño que tanto anhela, y es poder crecer su negocio y dejarlo como un legado familiar que le asegure el sostenimiento a su familia y una vejez digna.
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.