Jaime is single and the father of two adult children. For over 20 years he has been running a grocery store, where he sells goods, beverages, sweets and other items. He works with his sister and alternates this work with a construction job.
Jaime wants to use the loan to buy groceries, dairy products and other items for his business. His aim is to improve his income and expand the store.
Jaime es un adulto mayor, soltero y padre de dos hijos mayores de edad, quien hace más de veinte años se dedica a su tienda de abarrotes, víveres, refrescos, dulces y otros elementos. Trabaja en compañía de su hermana y alterna su trabajo con la actividad de construcción. Jaime quiere invertir el crédito en la compra de abarrotes, lácteos y demás productos para su negocio, con el fin de mejorar sus ingresos y poder ampliar el surtido y el local que tiene actualmente.
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.