Jose works enthusiastically as an auto mechanic, specializing in heavy vehicles. He’s been doing this for 45 years. He began by working in different shops over 15 years. After he had saved enough money, he decided to open his own shop. He employs two employees indirectly and is also able to pay social security. His customers are transport companies and members of the general public who come to his shop.
The purpose of the loan application is to buy parts and lubricants in bulk to have enough on hand to meet his clients’ needs. This will win him customer loyalty and increase his income so that he can pay bills and meet the needs of his wife and two children.
Jose says that he wants to close out this loan cycle in a professional way since he wants to retire after having made his business well-established. This will guarantee him financial security and allow him to enjoy a peaceful retirement alongside those he loves.
José ha sido un trabajador apasionado por la mecánica automotriz, especialmente la de vehículos de carga pesada, razón por la que lleva aproximadamente 45 años desempeñándose en este campo de acción; inició trabajando en diferentes talleres durante 15 años y después de haber ahorrado lo suficiente, decidió emprender su propio taller de mecánica industrial, en el que actualmente genera dos empleos indirectos y además logra pagar su seguridad social, atiende a diferentes empresas de transporte y al público en general que llega a su taller.
La finalidad de la solicitud del crédito, es comprar repuestos y lubricantes al por mayor, para tener disponibilidad suficiente y satisfacer la demanda de sus clientes, lo que permitirá lograr una fidelización y mejorar los ingresos para solventar los gastos y necesidades de su esposa y sus dos hijos.
José manifiesta que su mayor anhelo es lograr cerrar su ciclo productivo de una manera adecuada pues sueña con pensionarse no sin antes dejar su negocio bien establecido para que le permita garantizar una estabilidad económica y disfrutar de una vejez tranquila al lado de los que ama.
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.