He is currently requesting a loan to continue strengthening his business. The money will be invested in the purchase of fertilizers, irrigation supplies, pesticides, and potato seeds, items that he requires in order to continue caring for his current crop and to start off planting a potato crop. In doing this, he will diversify his work and open the path to a new market. He hopes to have a much more productive harvest and to improve his income.
Luis says that his motivation is the love that he feels for his children. He dreams of offering them a quality education so that they may have a more successful and prosperous future. He also hopes to enjoy his old age in a calm manner alongside those he loves.
Actualmente solicita el crédito como alternativa para seguir fortaleciendo su negocio, el dinero será invertido en la compra de abonos, riegos, pesticidas y semillas de papa, insumos que requiere para seguir cuidando su cultivo actual y para incursionar en la siembra de papa y así diversificar su labor y abrirse camino en un nuevo mercado; así espera tener una cosecha mucho más productiva y mejorar los ingresos que percibe a la hora de vender el producto.
Luis manifiesta que su motivación es el amor que siente por sus hijos, por ello sueña con tener la posibilidad de ofrecerles una educación de calidad para que se forjen un futuro más exitoso y próspero, además desea disfrutar su vejez de manera tranquila al lado de los que ama.
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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