Francisco is 52 years old and still has dreams that he wants to achieve. Four years ago he was working outside of the city and, given the difficulties of finding a new job, he decided to travel to Medellín and, with his experience as a street vendor, found work selling ice cream and renting out a phone for making calls. Francisco does not have a licence to sell in public places and so must always have merchandise. Francisco would really like to have a business wholesaling ice creams and to generate many jobs. With this loan, Francisco will buy stock (ice lollies, ice creams and frosted cookies). With this he will be able to offer a greater variety of products and increase his income. Francisco will then be able to continue supporting his family and offering them more financial stability and well-being.
Francisco, con 52 años, tiene aún sueños por cumplir, cuatro años atrás trabajaba fuera de la ciudad y por la dificultad para emplearse nuevamente, decidió viajar a nuestra ciudad, desde hace cuatro años y por la experiencia adquirida en el pasado como vendedor ambulante, actualmente vende helados y minutos a celular, él no cuenta con un permiso de espacio público por lo que debe estar pendiente de su mercancía, Francisco anhela tener una distribuidora de helados y generar muchos empleos, pero con el préstamo solicitado el comprará surtido (paletas, helados, galletas heladas,etc) y podrá ofrecer más variedad de productos y generará con ello el incremento de sus ganancias y continuar con el sustento de su familia brindando una mejor estabilidad económica y bienestar familiar.
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.