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William
Thirty-nine-year-old William is a married peasant and a father to four children. He is a worker on a flower farm and also works as an independent farmer and raising cattle. However, with a desire to improve his household income, William has decided to partner-up with a good friend in order to open a garage. They will take advantage of the fact that they have premises which they can easily take on, and of the fact that William's friend is an experienced mechanic. The garage will be open all week but William will only work for the business at the weekend, due to his current work schedule. William is applying for this loan in order to buy tools and equipment (spanners, hubcaps, screwdrivers, blocks, wire clipper, pincers, and more) and to buy spare parts in bulk (brakes, lights, spark plugs, rear view mirrors, accelerators, and more). With all this William can start his own business, which will generate a new income to help support his family. William dreams of expanding his business so as to be completely independent and have financial stability that will allow him to offer his family better well-being and a better quality of life.
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William es un campesino de 39 años de edad, casado y padre de cuatro hijos. Actualmente trabaja como operario en un cultivo de flores y, de manera independiente se dedica a la agricultura y a la ganadería; pero, con el ánimo de mejorar los ingresos familiares decidió asociarse con un gran amigo para montar un taller de mecánica, aprovechando la oportunidad que se les presentó de tomar un local y la ventaja de que su socio es técnico mecánico con amplio conocimiento en la labor. El taller prestará el servicio toda la semana, pero él sólo podrá apoyar la labor los fines de semana, ya que debe cumplir con su horario de trabajo actual. Solicita el apoyo del crédito para comprar equipos y herramientas de trabajo (llaves, juego de copas o dados, destornillador, alicate, pinzas de sujeción, entre otros) y repuestos al por mayor (frenos, bujías, luces, retrovisores, acelerador, entre otros), así podrá dar inicio a su proyecto productivo con el que generará un nuevo ingreso para el sustento familiar. William sueña con hacer crecer este negocio para independizarse totalmente y generar una estabilidad económica que le permita brindar un mejor bienestar y calidad de vida a su familia.

Additional Information

More information about this loan

By supporting this loan, you're helping a borrower launch a new business!

This loan is designed for an entrepreneur who needs working capital to start a brand new business. Along with the loan, Kiva's field partner Interactuar provides counseling, training courses, and other financial resources to help new, riskier entrepreneurs set up young businesses.

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
  • 263
    View loans »
    Colombia Loans Fundraising
  • $13,601,850
    Funds lent in using Kiva
  • 1,943.2
    Colombia Pesos (COP) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,825 helped William to buy tools and equipment (spanners, hubcaps, screwdrivers, blocks, wire clipper, pincers, and more) and to buy spare parts in bulk (brakes, lights, spark plugs, rear view mirrors, accelerators, and more).
56% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 8, 2013
Listed
Dec 6, 2013
Currency Exchange Loss:
Possible