José is a hard-working and enterprising single man. He started his shop 10 years ago with a small budget but it has continued to grow steadily.
His dream is to extend his shop and buy a wide variety of stock (fizzy drinks, cakes and general groceries), which is why he has approached the board to ask for a loan. He will use this to make part of his dream come true and will buy stock wholesale, which will give him discounts and better profits.
By doing this José will be able to offer a better and more varied range of products to his neighbours and the people who have become his friends after so many years as customers. His income will increase and he will enjoy a better quality of life.
José es un hombre soltero, es trabajador y emprendedor, desde hace 10 años inició su tienda con un bajo presupuesto pero cada día ha ido creciendo, Tiene como sueño ampliar su tienda y comprar mucho surtido (gaseosas, mecatos, viveres, en general, etc) por lo que recurrió a la Corporación a solicitar el préstamo con el cual realizará parte de su sueño y adquirir mercancía al por mayor obteniendo descuentos y mayores ganancias, de esta forma José podrá ofrecer mejores y más varias productos a sus vecinos y amigos de tantos años como clientes. Sus ingresos se incrementarán y disfrutará de una mejor calidad de vida .
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.