Libardo is a humble, modest, and very hard-working man. He lives with his wife and their little six year old son. It is for their son that they work untiringly so that he does not lack for anything.
For many years he has worked in mining. He takes the sand from the banks of the river Magdalena, and he sells it to different construction works in the municipality where he lives. This way he generates enough financial resources to bring home the daily sustenance.
With the intention of improving his income, he is requesting the help of a loan to strengthen his business. He will use the loan to buy a canoe with which he will be able to get in the river in order to extract a greater quantity of minerals. This way he will have greater availability in order to fill his customers’ orders. This way he will be improving the family income.
Libardo says that his biggest desire is to expand his business and to generate employment opportunities for the young people in the municipality. This way he will contribute to the population’s economy and improve his family’s quality of life as well as that of other people impacted by the work.
Libardo es un hombre humilde, sencillo y muy trabajador, vive con su esposa y su pequeño hijo de 6 años de edad, por quienes lucha incansablemente para que no les falte nada.
Desde hace muchos años se dedica a trabajar en la explotación minera, pues saca arena de las orillas del río Magdalena y la comercializa a diferentes obras de construcción del municipio donde reside, de esta forma genera los recursos económicos suficientes para llevar el sustento diario a su hogar.
Con el ánimo de mejorar los ingresos, solicita el apoyo del crédito para fortalecer su negocio, pues con el dinero comprará una canoa con la que podrá introducirse al río para extraer más cantidad del mineral y así tener mayor disponibilidad para cumplir con los pedidos de su clientela, mejorando así los ingresos familiares.
Libardo manifiesta que su mayor anhelo es ampliar su negocio y generar oportunidades de empleo entre los jóvenes del municipio, para así aportar a la economía de la población y mejorar la calidad de vida, tanto de su familia, como la de otras personas que influyan en la labor.
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.