The loan he is asking for now will be invested in buying agricultural materials wholesale (fertilizer, pesticide) in order to re-fertilize his crops and have a more productive harvest so he can sell at a better price in the market and generate a higher level of profits. Edgar says that his biggest wish is to have his own parcel of land where he can continue with his crops, guaranteeing better profits to be able to offer employment opportunities and have favorable financial stability to give his family a better well being and quality of life.
El crédito que solicita actualmente será invertido en la compra de insumos agrícolas al por mayor (abonos, fertilizantes, pesticidas), con el fin de reabonar sus cultivos y lograr obtener una cosecha más productiva, para poder vender a mejor precio en el mercado y generar mayor nivel de utilidades.
Edgar manifiesta que su mayor anhelo es tener una parcela propia en la que pueda continuar con sus cultivos, pero garantizando una mayor rentabilidad para poder brindar oportunidades de empleo y tener la estabilidad económica favorable para dar a su familia un mejor bienestar y calidad de vida.
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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