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Jorge Iván Blandón
George, at 47 years of age, has made his living as a blacksmith, a profession which he learned approximately 35 years ago, thanks to his father and uncle, and that has now become his principle source of income. He sells the horseshoes that he produces from a wholesale distributor of the municipality, managing to generate the economic resources to bring home and look after the welfare of his two sons. He is currently requesting the support of a loan to buy raw material in bulk (rods, plates, and coal), so that he may have immediate availability to fulfill orders as well as improve sales. Jorge says that his wish is to expand his business and create new work opportunities and that he hopes that it will last over time so that he may leave a good legacy for his children and that they may have a better quality of life and well-being.
View original language description ↓
Jorge, a sus 47 años de edad, se ha ganado la vida como herrero, labor que aprendió hace aproximadamente 35 años, gracias a las enseñanzas de su padre y un tío, y que ahora se ha convertido en su principal fuente de ingresos; la herradura que produce la vende a un distribuidor mayorista del municipio, logrando generar los recursos económicos para llevar el sustento al hogar y velar por el bienestar de sus dos hijos.
Actualmente solicita el apoyo del crédito para comprar materia prima al por mayor (varilla, lámina y carbón), así podrá tener disponibilidad inmediata para cumplir con los pedidos y así mejorar sus ventas.
Jorge manifiesta que su anhelo es poder ampliar su negocio y generar nuevas oportunidades de empleo y, espera lograr que perdure en el tiempo, para dejar un buen legado a sus hijos y que éstos puedan tener un mejor bienestar y calidad de vida.

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
  • 152
    View loans »
    Colombia Loans Fundraising
  • $13,171,600
    Funds lent in using Kiva
  • 1,931.3
    Colombia Pesos (COP) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $800 helped Jorge Iván Blandón buy raw material in bulk (rods, plates, and coal).
66% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 14, 2013
Listed
Dec 18, 2013
Currency Exchange Loss:
Possible